California Homebuyer's Downpayment Assistance Program for First Time Home Buyers

by: TopGovernmentGrants Editorial Staff

The California Housing Finance Agency, otherwise known as CalHFA, is an independent agency in the State of California that has been providing financial assistance to low and moderate income Californians in an attempt to help them seek safe, decent and affordable housing opportunities.

The programs of CalHFA are constantly guided by its overall agency mission which is to "finance below market rate loans to create safe, decent and affordable rental housing and to assist first-time homebuyers in achieving the dream of homeownership."

In line with this mission, the California Housing Finance Agency has constituted the establishment of the California Homebuyer's Downpayment Assistance Program, more commonly referred to as CHDAP.

The California Homebuyer's Downpayment Assistance Program is a deferred payment junior loan that can be used in conjunction with other CalHFA housing programs. It provides borrowers with funds amounting to 3% of the actual value of the property that they wish to inquire in order to cover the downpayment costs.

The CalHFA has stipulated guidelines that needs to be met when it comes to applying for its programs. In this case, if a borrower wants to qualify for the California Homebuyer's Downpayment Assistance Program, he/she must be:

a) A first time home-buyer (someone who has not owned a home)
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California Homebuyer's Downpayment Assistance Program for First Time Home Buyers
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About The Author The TopGovernmentGrants Editorial Staff maintains one the most comprehensive Websites offering information on government grants and federal government programs. The staff also provides resources to other Websites with information on environmental grants and grants for youth programs.

Additional Resources

category - Home Buying Programs

Achieving the Dream Program for First Time Home Buyers in New York
One of the programs of the State of New York Mortgage Agency, is the Achieving the Dream Program wherein it seeks to provide eligible low income first time home buyers with really low down payment mortgage financing programs.

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First Time Homebuyer Programs in Georgia
In July 1996, the Governor and General Assembly made a vital decision to join together the Georgia Housing and Finance Authority (GHFA) with the Department of Community Affairs.

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Downpayment Assistance Program for First Time Homebuyers in Connecticut
The Connecticut Housing Finance Authority has been running the Downpayment Assistance Program in order to financially assist first time home buyers in the process of covering the downpayment and closing costs of purchasing a home.

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Downpayment Assistance Program for the First Time Home Buyers in North Carolina
The programs and activities of the North Carolina Housing Finance Agency are constantly geared towards the satisfaction of the best interest of its target population, which is why all their endeavors are carefully guided by their overall agency mission which is "to create affordable housing opportunities for North Carolinians whose needs are not met by the market."

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