California Housing Finance Authority (CALHFA) has a wonderful program
called the California Homebuyer's Down-Payment Assistance Program (CHDAP).
The CHDAP provides a deferred-payment junior loan - up to 3% of the
purchase price, or appraised value, whichever is less, to be used for their
down payment and/or closing costs. This program may be combined with a
CalHFA or non-CalHFA, first mortgage loan.

PROGRAM ELIGIBILITY

Are you eligible to apply for this program?
There are guidelines for both "Borrower" and "Property" Requirements to
determine if you may be eligible to apply for the CHDAP program.

Borrower Requirements:

o Be a first-time homebuyer (this means you have not owned a home for 3
years)
o Occupy the property as their primary residence, non-occupant co-borrowers
are not allowed
o CalHFA borrowers must complete homebuyer education counseling and obtain
a certificate of completion through an eligible homebuyer counseling
organization.
o Your income must be less than the allowable CHDAP income limits. (contact
me for details)
o Meet the requirement of the lender and mortgage insurer / guarantor

Property Requirements:

o Sales price of the home cannot exceed CalHFA's sales price limits
established for the county in which the property is located
o Be a single-family, one-unit residence, including approved
condominium/PUDs

Additional Property Guidelines:

o Condominiums must meet the guidelines of the first mortgage
o Manufactured housing is not permitted
o There is a five acre maximum on the size of the property
o Leaseholds/Land Trusts and Co-ops are not permitted
o Meet the requirements of the mortgage insurer/guarantor

Call me at 925-698-1114 or email to bparis@mhmb.com
You can also follow me on twitter @lenderbrian