CalHFA replaces CHDAP, plus Zip Extra with MyHome Assistance Program

CalHFA announced effective September 24, 2015, that this is the last day for lenders to originate loans with CHDAP. 

Effective September 30, 2015 is the last day for lenders to originate loans with CalHFA plus Zip Extra.

CalHFA announced that it is ending the well known California Homebuyer's Downpayment Assitance Program (CHDAP) which gave 3% of the lesser of the home's sales or appraisal price; as well as ending CalPlus Zip Extra which was an extra $6500 subordinate lien. The ending of these two down payment assistance programs comes in exchange for a new down payment assistance program called MyHome Assistance Program. MyHome Assistance Program offers 5% of the loan amount for a subordinate second lien to be used for down payment or closing costs.

Effective October 5, 2015 is the new down payment assistance program MyHome Assistance Program see your local lender for more details or visit the CalHFA website.