If you're planning to buy among the available Pleasanton homes for sale, but you're on a budget, you can still go through the home buying process without a down payment. This is where the California Housing Down Payment Assistance Program (CHDAP) comes in.
The CHDAP aids buyers in Pleasanton and other places in California to purchase their own homes with no deposit. This can be done by means of utilizing a three percent CHDAP silent second and an FHA loan. Moreover, this can also be used to purchase without closing costs, if combined with up to six percent of sellers assistance.
CHDAP loans are deferred payments and available up to a maximum of, but not exceeding 3% of the appraised value or sales price, whichever of the two is less.
Compared to other loan programs, the CHDAP does not oblige sellers to participate, allowing Pleasanton real estate buyers to have more homes to choose from.
The CHDAP loan has certain qualifications. These are the following:
- The household income of the borrower cannot go over the median income.
- The maximum prices of homes that can be purchased are controlled by the FHA loan limits.
- This program is only for properties in Pleasanton and other cities in California.
- The borrower must be a first time buyer.
- The borrower must be qualified for an FHA loan.
To be qualified for an FHA loan, there are some necessary documents that you must gather. It's advisable to get these before you start to apply:
- A copy of your Driver's License
- A copy of your SS Card
- A photocopy of complete Alimony, Palimony, or Divorce papers, if applicable
- A photocopy of work permit or green card, if applicable
- Complete tax returns for the last two years
- Last two years' 1099s, W-2s, etc.
- Latest pay stubs that cover a period of one month
- If self-employed, YTD Profit and Loss statement and last three years' tax returns
- Complete bank statements of any and all accounts for the last three months
- Latest statement from stocks, money market, mutual funds, 401K, retirement, etc.
Getting mortgage loans to purchase the house you want in Pleasanton real estate can be quite complex, especially if you're not aware of the process and the qualifications. It's advisable to ask your agent about whatever question you have involving the home buying process. Discuss with him/her all the available options you have before making a decision and ask for his/her suggestions or opinions.