California Homebuyer (3%) Down Payment Assistance

Mountain West Financial is now offering the California Homebuyer Down Payment Assistance Program (CHDAP) for first time homebuyers. This is a very easy home loan program to qualify for and will allow the homebuyer to receive 3% of the sale price for down payment assistance or closing costs.

This home loan program can also be combined with an FHA, Cal HFA or Conventional 30 Year Fixed rate 1st mortgage.

Qualifications & Eligibility

1. Maximum Loan Amount cannot exceed 3% of the property sale price.
2. Borrower(s) must:
   • Be a first time homebuyer
   • Meet HCD Defined Moderate Income Limits
   • Occupy the property as their primary residence, non-occupant co-borrowers are not allowed.
   • Be a US Citizen, permanent resident alien or qualified alien
   • A minimum contribution of the greater of $1,000.00 or 1% of the sale price is required from the borrowers own funds.
3. Minimum Credit Score (FICO) 640
4. A minimum contribution of the greater of $1,000.00 or 1% of the sale price is required from the borrowers own funds
5. Property Eligibility:
• Sales Price of the home cannot exceed the sale price limits established by the county in which the property is located.
• Be a single family, one unit residence, including approved condominiums/PUD’s

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For more information or if you have any questions, please feel free to contact us directly at 800-310-7577. We look forward to working with you!

Sincerely,

Joseph M. Moore View Executive Biography
Business Development Manager
NMLS #333648
Direct: 714-655-0116
E-Mail: joe.moore@mwfinc.com