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CHF Platinum Home Buyer Grant Program in a Buyer's Market

CHF Platinum Home Buyer Program Buyer MarketCHF Platinum is a 3% home buyer grant that can be used to cover down payment or closing costs.

This program is, at this point, perpetually funded with no pre-determined limit to availability of the down payment or closing cost assistance.

The CHF Platinum program is being administered by the National Homebuyer Fund (NHF).

The top 3 things you need to know about the CHF Platinum Grant

  1. You must use an approved lender (brokers not allowed) approved to offer a NHF first mortgage.
  2. The first mortgage can be either a FHA, VA or USDA loan at the published interest rate. Lenders are not allowed to determine the interest rate for this program.
  3. Home buyer must meet income requirements for CHF Platinum program.  Income limits are limited to 120% of Area Median Income for the county that the home is purchased in.

This is an incredible opportunity for home buyers to take advantage of historically low interest rates as well as affordable home prices.

I don’t usually like to talk about “now is the time to buy”, and that’s not really the point of this information.

What I do want to accomplish by writing about this program is to bring awareness to the fact that this and other State of California home buyer programs exist that are simply incredible.

The fact is, as I write this on October 2nd, 2010, we are in the middle of very challenging economic times.

Most home sellers are waiting for home prices to go up, and at the same time we are experiencing record foreclosure rates creating greater availability and lower prices.

This is definitely shifted to a buyer’s market.

What is a buyer’s market you ask?  Basically it’s a product of supply and demand benefiting the buyer based on over supply and low demand.

As more and more foreclosure homes come on to the market as a result of flushing out the shadow inventory, sellers will have to reduce prices and be more flexible to buyer demands to sell the homes faster.

Bottom line, if you are in the market or considering buying a home in California before the end of 2010 – you are in a very powerful negotiating position!

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21 Responses to CHF Platinum Home Buyer Grant Program in a Buyer's Market

  1. Alyxandria Pomerleau February 27, 2012 at 5:34 pm #

    My husband and I are looking to purchase our first home and have built a savings in which to put down a decent down payment. I was however unaware of grants such as these. Your article was a great find and I am interested in finding out other opportunities that may be available for us. I am reading anything and everything that can helpe understand the homebuying process. Thanks so much for bringing some new hope into my situation!

    • Legacy Content February 28, 2012 at 11:53 am #

      Hi Alyxandria,
      I have asked Alissa Alvarez from my office to call you and help answer your questions. She’s really amazing and she can definitely get you pointed in the right direction.

  2. Olga Theodossis January 6, 2012 at 9:57 am #

    Hi [Broadview],

    I have done some research on the CHF Platinum Grant after seeing this website and I am still not satisfied with the feeling of having enough information.I am a first time homebuyer looking in the Downtown LA area for a loft. Please email me back if you can so we can discuss any posibilities for me and the CHF grant.

    • Legacy Content January 6, 2012 at 10:44 am #

      Hi Olga, the CHF Platinum Grant is currently suspended – it’s not terminated or discontinued and we expect that we will see it come back sometime in 2013. Here is an article about the suspension and what alternatives are available as alternative buyer assistance: http://broadviewhome loanorange.com/home-buyers/calstrs-chf-calhfa-suspended/

      CalHFA CHDAP is the only program currently available Statewide. It’s a great program, I think even better than the CHF – here’s an article I wrote about CHDAP: http://broadviewhome loanorange.com/home-buyers/chdap-california-homebuyers-downpayment-assistance-program/

      Let me know if you would like to speak with a specialist for this program. We are a direct lender for both of these programs and are very familiar with the intricacies of each.

      • Olga Theodossis January 6, 2012 at 10:58 am #

        I would like to speak to a specialist regarding the alternative you have mentioned. My only concern is that it can only be used in conjunction with an FHA loan, being that most Downtown LA lofts are not BMCD/FHA approved.

        • Legacy Content January 6, 2012 at 11:03 am #

          I will have a specialist email you Olga. You actually have it turned around. CHF Platinum requires that you use a FHA first home loan, while CalHFA CHDAP can be used in conjunction with either FHA or conventional financing.

          • Olga Theodossis January 6, 2012 at 11:08 am #

            Even better! Well thank you for your help and time.I look forward to getting in contact with a specialist via email.

  3. Andy December 27, 2011 at 10:30 pm #

    Hi [Broadview],

    That is great that you are informing the public about this program. I was one of the lucky first time FHA home buyers and the CHF platinum grant was a true blessing, I am now a home buyer. I was also informed by my lender (imorgage) in open house that I attended, at first I was unsure but then I believed and here I am.

    • Legacy Content December 27, 2011 at 10:55 pm #

      Thanks for your story Andy! We are anxiously awaiting its return.

  4. Fue Lo November 4, 2011 at 7:47 pm #

    I heard the CHF Platinum Program ended, my offer was just accepted today would that mean that I won’t be able to get the CHF grant? I submitted an offer before the program ended on October 31, 2012. Your information would be appreciated. Thank you!

    • Legacy Content November 4, 2011 at 8:07 pm #

      Hi Fue Lo,
      Unfortunately since your offer was only now submitted, it is unlikely that your loan officer would have registered this loan and locked the interest rate. If that was not done prior to October 31st then you may not be able to still lock.

      I guess your loan officer is telling you no? Have you looked into the CalHFA CHDAP? That’s 3% of the purchase price, not the loan amount, and it’s available.

      Finally, do ask your loan officer. Our company, Broadview Mortgage Corp, cut off the locks of CHF Platinum loans on the dates suggested by the master servicer of the program. In actuality, the loan must be sold by the lender, to the investor of the CHF Grant by a specific date. The October 31st date is a safe cut-off so that a lender doesn’t get stuck holding a loan that now they cannot get their money back on.

      So, talk to your lender, look into CalHFA CHDAP – here’s an article I wrote on it: http://broadviewhome loanorange.com/home-buyers/chdap-california-homebuyers-downpayment-assistance-program/

      If you have any questions or need would like a second opinion, we are a direct lender and we offer the CalHFA CHDAP program. Feel free to let me know if I can help in any way.

      Oh geez – that was a book, sorry. Hope this is helpful?

  5. Luisa Guzman October 3, 2011 at 4:37 pm #

    I have a questions regarding this grant, do it needs to be paid back?

    • Legacy Content October 3, 2011 at 5:15 pm #

      Hi Luisa,

      Alissa Alvarez is a loan specialist in my office – she will contact you to answer all your questions about this program. The answer is No, the grant is not paid back 🙂

  6. Johnetta August 8, 2011 at 9:08 am #

    I need assistance, I would like a little more information on this program. Could one of you please spare of few moments and give me a call?

    • Legacy Content August 8, 2011 at 5:57 pm #

      It sounds like [Broadview] was able to answer your questions? Hope we could help 🙂

  7. Jeremy June 11, 2011 at 2:37 pm #

    [Broadview], great work! Just discovered 12K in grants (talked the phone w the lender) because I visited this site…!!!

    • Legacy Content June 11, 2011 at 3:16 pm #

      Thank you for taking the time to share Jeremy (I hope we were the lender?). I appreciate the kind words 🙂

  8. Los Angeles Bankruptcy Attorney May 22, 2011 at 10:28 am #

    great article on the CHF program

  9. Jessica Perez March 12, 2011 at 1:15 pm #

    what is the interest rate for teh program now? 5%?