CHF 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
- You must use an approved lender (brokers not allowed) approved to offer a NHF first mortgage.
- 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.
- 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!