I'll make this short...Last Friday the state's homeownership department (CalHFA) announced some significant changes to some of their down payment assistance programs. Here are the changes and what they mean:
- The maximum loan amount for CHAP has been decreased from three percent (3%) to two percent (2%) of the lesser of the sales price or appraised value.
- CHAP now can only be used in CHAP designated areas
- CHAP cannot be combined with a HiCAP second loan
- CHAP can be used with CalHFA conventional loans; including, interest only, 30-year fixed and 40-year fixed)
- CLTV cannot exceed 102% for CHAP and CHDAP
- Maximum HiCAP loan amount has been changed from $7,500 to four percent (4%) of the lesser of the sales price or appraised value
- HiCAP cannot be combined with CHAP
- HiCAP cannot be used in conjuction with an FHA-insured first mortgage loan
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