CHF Access Program: Down Payment Assistance for California Homebuyers
Buying a home in California can be challenging when saving for a down payment and closing costs. The CHF Access Program is designed to help eligible low- to moderate-income California homebuyers make homeownership more accessible through down payment and closing cost assistance.
What Is the CHF Access Program?
The CHF Access Program is a down payment assistance program designed to increase homeownership opportunities for low- to moderate-income individuals and families throughout California.
The program can provide assistance toward the down payment and/or closing costs associated with purchasing a home. CHF Access combines a 30-year fixed-rate FHA First Mortgage Loan with assistance from the California Home Finance Authority (CHF) through a low fixed-interest-rate second mortgage.
This combined financing structure can make up to 99.5% financing of the purchase price possible, subject to applicable program, underwriting, and loan requirements.
CHF Access 1/2% Down Payment Program in California
The CHF Access half-percent down payment program is designed to help eligible California homebuyers overcome one of the biggest barriers to homeownership: saving enough money for the down payment and closing costs.
The program can be used to purchase both new and existing homes, provided the property will be the primary residence of the homebuyer.
CHF Access is not limited to first-time homebuyers. If you have owned a home in the past, you may still be eligible to apply, subject to the applicable program requirements.
This makes CHF Access a potential option for eligible California buyers who are purchasing a primary residence and need assistance with their upfront homebuying expenses.
Step 1
Check Eligibility
Step 2
Payment Option
Step 3
Get Approved
Step 4
Close the Loan
Step 5
Repayment & Loan Terms
CHF Access FHA Loan and Credit Score Requirements
CHF Access works with FHA financing and has credit score requirements based on the applicable loan amount and program guidelines.
According to the program information provided for this page, a minimum 580 FICO score may qualify for CHF Access financing up to $417,000 in conforming loan limits.
For higher-balance financing from $417,000 up to applicable FHA loan limits, a minimum 600 FICO score may be required.
The program information also indicates that borrowers with no FICO score may qualify under applicable requirements.
Standard FHA underwriting and appraisal guidelines apply to the purchase.
According to the program information provided for this page, a minimum 580 FICO score may qualify for CHF Access financing up to $417,000 in conforming loan limits.
For higher-balance financing from $417,000 up to applicable FHA loan limits, a minimum 600 FICO score may be required.
The program information also indicates that borrowers with no FICO score may qualify under applicable requirements.
Standard FHA underwriting and appraisal guidelines apply to the purchase.
Can Existing Homeowners Use the CHF Access Program?
Yes. CHF Access is not limited to first-time homebuyers. Individuals who have previously owned a home may still be eligible to apply, subject to the applicable program requirements.
The program information also indicates that you may currently own a home and rent it out while purchasing another property, even if the existing property is upside down in value. Standard FHA underwriting and appraisal guidelines apply to the purchase.
Because every borrower’s circumstances are different, it is important to review your individual situation with a qualified mortgage professional before assuming that you qualify.
The program information also indicates that you may currently own a home and rent it out while purchasing another property, even if the existing property is upside down in value. Standard FHA underwriting and appraisal guidelines apply to the purchase.
Because every borrower’s circumstances are different, it is important to review your individual situation with a qualified mortgage professional before assuming that you qualify.
CHF Access for Los Angeles and California Homebuyers
Buying a home in Los Angeles and throughout California can require careful planning, especially when you are balancing the purchase price with your down payment and closing costs.
The CHF Access Program may provide an option for eligible California homebuyers who need assistance with upfront homebuying expenses and are purchasing a primary residence.
If you are looking to buy a home in Los Angeles, Southern California, or another California market, Crestico can help you explore available home loan options and understand how down payment assistance may fit into your purchase strategy.
The CHF Access Program may provide an option for eligible California homebuyers who need assistance with upfront homebuying expenses and are purchasing a primary residence.
If you are looking to buy a home in Los Angeles, Southern California, or another California market, Crestico can help you explore available home loan options and understand how down payment assistance may fit into your purchase strategy.
Frequently Asked Questions
What is the CHF Access Program?
The CHF Access Program is a down payment assistance program designed to help eligible low- to moderate-income California homebuyers finance most of the down payment associated with purchasing a primary residence.
How much financing does CHF Access provide?
The program information provided for this page states that CHF Access can offer up to 99.5% combined financing of the purchase price through an FHA first mortgage and CHF assistance in the form of a second mortgage, subject to applicable requirements.
Is CHF Access only for first-time homebuyers?
No. CHF Access is not limited to first-time homebuyers. Individuals who have previously owned a home may still be eligible to apply, subject to program requirements.
Can CHF Access be used to buy an existing home?
Yes. The program information states that CHF Access can be used for purchases of both new and existing homes, provided the home will be the primary residence of the homebuyer.
What FICO score is required for CHF Access?
The program information states that a minimum 580 FICO score may qualify for financing up to $417,000 in conforming loan limits. Higher-balance financing may require a minimum 600 FICO score. Borrowers with no FICO score may also qualify under applicable requirements.