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CalHFA CHDAP and CHF Platinum – Together Again

For several months now, CalHFA required that at least half of a lender’s CHDAP loans MUST be used with a CalHFA first mortgage. This created challenges because there are certain aspects of a CalHFA first mortgage that do not necessarily make the loan program the best option for the home buyer.

We’ve written extensively about CalHFA, CHDAP and the CHF Platinum Grant program, and even wrote about using the two programs together (this was before it was outlawed) to double your assistance.  That option went away….and now it’s back!

CalHFA’s CHDAP program is a “silent second” loan that does appear as a lien on the property, however, there are no payments due until you sell or refinance the loan. The interest rate on the CHDAP program is unbelievably low – Take a look at current CalHFA interest rates

CHDAP can be used for down payment or closing costs.  Total assistance is 3% of the purchase price of the home. Example:  Purchase price $300,000?  CHDAP assistance $9,000

The CHF Platinum Grant is FREE money for home buyers.

If you qualify for a Government (FHA, VA or USDA) first mortgage through CHF Platinum, you automatically qualify for the Grant. The interest rates are set by CHF and tend to be just a tad higher than what you can get in the open market.

The CHF Platinum Grant is calculated as 3% of the loan amount.

Example – This one is a little trickier:

Purchase price $300,000 – 3.5% down payment + upfront mortgage insurance premium financed x 3% (Grant)= CHF Grant Amount:  $8,788.50

We love buyer assistance programs, and the fact that these two programs are basically perpetually funded (for now) and always available make these program my all time faves.

If you have any questions about the CHF Platinum Grant or CalHFA CHDAP, drop us a chat, call or leave a message below.

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17 Responses to CalHFA CHDAP and CHF Platinum – Together Again

  1. Dorothy Stock October 25, 2011 at 10:50 pm #

    my son owns a condo in which he lives in. he wants to buy a home and rent out his condo. which would be no problem. does he have to have a signed lease first.
    what in come leve does he need to be to qualify. he has exclent credit. i would like for your agent to talk to him pretty soon. i will look for your answer,Thanks
    Dorothy

    • Legacy Content October 25, 2011 at 11:15 pm #

      Hi Dorothy, thank you for your question. The guidelines have changed a bit in the past few years in regards to renting out and buying a new home. If your son has less than 30% equity in the condo, he would need to qualify for both PITI payments on the old and new home. We would just have to talk to him to see what options are available – there are definitely options.

      Have your son either call, chat, email or complete one of the requests on the right side of this article.

      Hope this helps!

  2. Deserie October 20, 2011 at 8:23 pm #

    Hi [Broadview], I live in Riverside, CA. and am trying to buy a home that I have been renting for three years. We qualify on all of the CHF Platinum requirements except our credit score isn’t at 620 yet, we are working with a credit repair company and it is going up weekly. My question is the lender that we are working with said the CHF program is ending November 30, 2012 is that true? I’m panicking cuz this is a great program and I don’t want to miss out on this great program. Any information you can give me will greatly be appreciated.

    • Legacy Content October 20, 2011 at 9:50 pm #

      Hi Deserie,
      Unfortunately, CHF has been temporarily suspended since last week – here’s why: http://broadviewhome loanorange.com/home-buyers/calstrs-chf-calhfa-suspended/

      It’s not cancelled or out of money – they’re just having technical problems of a sort. CHDAP is the only available buyer assistance program that I’m aware of right now. It does require a minimum 640 credit score – it’s a great program though – http://broadviewhome loanorange.com/home-buyers/chdap-california-homebuyers-downpayment-assistance-program/

      Let me know if you have any other questions or if you need a lender that is approved to offer the CHDAP program. We are a direct lender and specialize in CHDAP and CHF and other buyer assistance programs.

      Hope this helps?

  3. Christi Mom of 16 October 2, 2011 at 7:13 am #

    P.S. that was direct her and also how much higher is the interest rate?

  4. Christi Mom of 16 October 2, 2011 at 7:10 am #

    Hi [Broadview],
    We have spoke before through email and my Husband and I and our 16 kiddos have been trying to buy a home for 2 years now, we will be using CalHFA and CHDAP and if I am understanding would could also use the CHF too? We are FTHB and meet the income requirements for all programs here in Riverside County, I asked my lender and she can not find any info on this at all, anywhere I could direct here? TY for taking your time and sharing all this info!!! 🙂
    Christi

    • Legacy Content October 2, 2011 at 9:49 am #

      Hi Christi,
      Yes, you can use CHDAP with the CHF, but you have to use a CHF FHA first home loan (or VA, USDA). If you meet the guidelines for qualifying for the first home loan, you will get the Grant – then you can use the CHDAP on top of that. If your lender is unaware with these programs, I would recommend you get a second opinion. There are too many things that can go wrong if a lender does not have a lot of experience using these programs.

      There’s a strong possibility that your lender is not approved to offer the CHF Platinum, or they would have already talked to you about it. Using this option will also allow you to avoid the 9 year Recapture Tax if you sell or refinance (or out grow!) you home within 9 years.

      I would like to introduce you to one of my loan specialists in my office. We are a direct lender and we specialize in both CalHFA & CHF Platinum.

      If you would like a second opinion, shoot me an email at [Broadview]S@Broadviewhome loan.com with the best time and number to reach you.

      Hope this helps?

  5. RICR September 21, 2011 at 6:53 pm #

    Hi [Broadview],
    I have a question can this grant be used with a homepath loan?

    • Legacy Content September 21, 2011 at 9:53 pm #

      Hi Rosa,
      That’s a great question, one I have not yet explored! Let me dig into this and I’ll email you the answer as soon as I hear something 🙂

  6. Gale September 20, 2011 at 10:55 am #

    Can you get the CHF Platinum Grant without the other programs. Just as a stand alone grant when you purchase your 1st home?

    • Legacy Content September 20, 2011 at 3:55 pm #

      Hi Gale,
      Unfortunately no. The program has the ability to offer the Grant because they are making it up by requiring you to take a fixed rate loan through them. Yes, the interest rate is a little higher than what can be secured on the open market, but when you do the math – it’s worth it in many cases to pay the higher rate.

  7. Antonina September 20, 2011 at 10:20 am #

    Can I have a better option of DPA from County of Alameda, San Leandro, combined with MCCP? Thanks

    • Legacy Content September 20, 2011 at 3:52 pm #

      Again, we really just have to dig into these programs to see which one will best meet your long term and short terms needs. Most of the County DPA programs have recapture or penalty clauses which would tie your hands in the future should you wish to sell or refinance. It’s important to explore the terms of each DPA program in it’s entirety so you can make an educated decision.

      Are you working with a lender yet? The answer to your questions may also be affected by which lender you decide to work with. Many assistance programs require that the lender be approved to offer the program. The challenge then becomes finding a lender that can offer all of the programs you’re considering.

      Shoot me an email or give us a call/chat and let’s dig a little deeper into these options and see which ones would work best for you.

  8. Antonina September 20, 2011 at 10:18 am #

    Can you combine a DPA from County of Alameda or County of San Leandro and a MCCP? Will this be a better alternative too? Thanks –

    • Legacy Content September 20, 2011 at 3:48 pm #

      Hi Antonina,
      Refer to my answer to Nancy – Each program has it’s own special restrictions in regards to which lenders can be used, what 1st home loan MUST be used….It’s a little like a 1,000 jig saw puzze of a blue sky – If it can be done, we can figure it out…but it’s going to take some work to figure everything out.

      If you would like us to take a closer look at it, you can either reach us by phone, live chat, or shoot me an email at [Broadview]S@Broadviewhome loan.com with the best time and number to reach you, and we’ll go from there.

      Hope this helps?

  9. Nancy Osgood September 20, 2011 at 9:39 am #

    Can these programs be combined with local AHPP Programs? I am just starting to work with Frank on a loan for myself and I need all the assistance I can get!

    • Legacy Content September 20, 2011 at 3:44 pm #

      Hi Nancy,
      There should be no reason why you couldn’t other than the restrictions that the AHPP would have. To use the CHFA Platinum Grant, you have to use a first home loan offered by CHF. This 1st home loan can be a FHA, VA or USDA (Government loans). These Government loan programs typically allow you to stack multiple assistance programs. So, I guess my short answer would be “YES” with an asterisk, because it depends on the requirements of each individual program as to whether or not they allow it.

      Do you have a specific AHPP in mind? Let’s do some research and see what we can come up with.