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Buying a Home with 0.5% Down
Payment
Shashank Shekhar
CEO, Arcus Lending
About Arcus Lending
• Arcus Lending is Mortgage Lender based in San Jose,
California
• Products Offered: Residential Mortgages- FHA,
Conventional, VA, 203K, HARP, HomePath, Reverse
Mortgage, CHDAP
• Geography Served: California, Washington and
Oregon
• What are they known for: Legendary customer
service, quick closing and rates that are consistently
better than the leading banks
Ab About Shashank Shekhar
• Shashank is the Founder and CEO of Arcus Lending
• An Amazon.com Best-selling Author, Shashank is
widely regarded as California’s #1 Mortgage Expert
• He is a National speaker, and a blogger who is
frequently tapped for his expertise by various
national and local media including FOX, CBS, ABC and
NBC
• The information contained within this document
is for educational purposes only. Every attempt
has been made to provide accurate, up to date,
reliable and complete information. No
warranties of any kind are expressed or implied.
Readers acknowledge that the author is not
engaging in rendering legal, financial or
professional advice.
Disclaimer
Agenda
• What is CHDAP?
• What are the conditions and guidelines?
• What is an FHA loan?
• What are the requirements for an FHA loan?
• How do I get a loan?
What is CHDAP
• California Homebuyer’s Down Payment Assistance Program or
The CHDAP is a program offered by California Housing Finance
Agency (CalFHA) designed to make buying a home affordable
for first time home buyers
• It provides a deferred-payment junior loan – up to 3% of the
purchase price, or appraised value, whichever is less, for
down payment and/or closing costs
• By combining an FHA loan with CHDAP, First Time Home
Buyers in California can buy a home for as less as 0.5% down
payment
How does it Work?
• FHA Loan is done as the first mortgage of 96.5%
Loan-to-Value Ratio (LTV) . That is combined with 3%
second mortgage provided as part of CHDAP
• CHDAP is a deferred payment second mortgage
which becomes due in full when you refinance or sell
the home. However, CHDAP may be re-subordinated
in some cases at the time of refinance and hence
may not be required to be paid in full.
What are the borrower requirements for
CHDAP?
• Be a first-time homebuyer
• Occupy the property as your primary residence
• Non -occupant co-borrowers are not allowed
• Complete homebuyer education counseling and
obtain a certificate of completion through an eligible
homebuyer counseling organization
What are the borrower requirements for
CHDAP?
• Income must be less than the allowable CHDAP
income limits. For details call us at 855.644.LOAN
What are the property guidelines for CHDAP?
• Sales price of the home cannot exceed CalFHA’s sales
price limits established for the county in which the
property is located
• Be a single-family, one-unit residence, including
approved condominium/PUDs
What are the property guidelines for CHDAP?
• Condominiums must be FHA approved
• Manufactured housing is not permitted
• There is a five acre maximum on the size of the
property
• Leaseholds/Land Trusts and Co-ops are not
permitted
What are the other requirements for CHDAP?
Other Qualification Requirements:
– 0.5% Down payment can be gifted by parents,
siblings or children
– Maximum debt-to-income ratio of 43% is allowed
How do I get the loan?
• Call (408) 615 0655
• Email: Info@ArcusLending.com
• Website: www.ArcusLending.com
• Blog: www.LendingExpertBlog.com
• FaceBook: www.facebook.com/ArcusLending
Licensing Info:
Arcus Lending Inc, NMLS ID 1035734 and CA BRE #01857474
Shashank Shekhar NMLS ID 8176

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California Home Buyer's Down Payment Assistance Program - CHDAP Loan

  • 1. Buying a Home with 0.5% Down Payment Shashank Shekhar CEO, Arcus Lending
  • 2. About Arcus Lending • Arcus Lending is Mortgage Lender based in San Jose, California • Products Offered: Residential Mortgages- FHA, Conventional, VA, 203K, HARP, HomePath, Reverse Mortgage, CHDAP • Geography Served: California, Washington and Oregon • What are they known for: Legendary customer service, quick closing and rates that are consistently better than the leading banks
  • 3. Ab About Shashank Shekhar • Shashank is the Founder and CEO of Arcus Lending • An Amazon.com Best-selling Author, Shashank is widely regarded as California’s #1 Mortgage Expert • He is a National speaker, and a blogger who is frequently tapped for his expertise by various national and local media including FOX, CBS, ABC and NBC
  • 4. • The information contained within this document is for educational purposes only. Every attempt has been made to provide accurate, up to date, reliable and complete information. No warranties of any kind are expressed or implied. Readers acknowledge that the author is not engaging in rendering legal, financial or professional advice. Disclaimer
  • 5. Agenda • What is CHDAP? • What are the conditions and guidelines? • What is an FHA loan? • What are the requirements for an FHA loan? • How do I get a loan?
  • 6. What is CHDAP • California Homebuyer’s Down Payment Assistance Program or The CHDAP is a program offered by California Housing Finance Agency (CalFHA) designed to make buying a home affordable for first time home buyers • It provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less, for down payment and/or closing costs • By combining an FHA loan with CHDAP, First Time Home Buyers in California can buy a home for as less as 0.5% down payment
  • 7. How does it Work? • FHA Loan is done as the first mortgage of 96.5% Loan-to-Value Ratio (LTV) . That is combined with 3% second mortgage provided as part of CHDAP • CHDAP is a deferred payment second mortgage which becomes due in full when you refinance or sell the home. However, CHDAP may be re-subordinated in some cases at the time of refinance and hence may not be required to be paid in full.
  • 8. What are the borrower requirements for CHDAP? • Be a first-time homebuyer • Occupy the property as your primary residence • Non -occupant co-borrowers are not allowed • Complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization
  • 9. What are the borrower requirements for CHDAP? • Income must be less than the allowable CHDAP income limits. For details call us at 855.644.LOAN
  • 10. What are the property guidelines for CHDAP? • Sales price of the home cannot exceed CalFHA’s sales price limits established for the county in which the property is located • Be a single-family, one-unit residence, including approved condominium/PUDs
  • 11. What are the property guidelines for CHDAP? • Condominiums must be FHA approved • Manufactured housing is not permitted • There is a five acre maximum on the size of the property • Leaseholds/Land Trusts and Co-ops are not permitted
  • 12. What are the other requirements for CHDAP? Other Qualification Requirements: – 0.5% Down payment can be gifted by parents, siblings or children – Maximum debt-to-income ratio of 43% is allowed
  • 13. How do I get the loan? • Call (408) 615 0655 • Email: Info@ArcusLending.com • Website: www.ArcusLending.com • Blog: www.LendingExpertBlog.com • FaceBook: www.facebook.com/ArcusLending Licensing Info: Arcus Lending Inc, NMLS ID 1035734 and CA BRE #01857474 Shashank Shekhar NMLS ID 8176