Transcription of SECTION 8 DOWNPAYMENT ASSISTANCE PROGRAM - chfa.org
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SECTION 8 DOWNPAYMENT ASSISTANCE PROGRAM - chfa.org
Rev. 5-2018 Page 1 SECTION 8 DOWNPAYMENT ASSISTANCE PROGRAM Qualification of Participating Lenders Funds Availability Eligibility Computation of DAP Loan Amounts Application Processing Loan Preparation Loan Purchase Servicing Credit Review Income Co-Signers Underwriting Ratios Credit Reports Credit Scores Delinquent Credit Property Repairs Rev. 5-2018 Page 2 SECTION 8 - DOWNPAYMENT ASSISTANCE PROGRAM The DOWNPAYMENT ASSISTANCE PROGRAM (DAP) provides financial ASSISTANCE in the form of second mortgage loans to eligible first-time home buyers based on their financial needs to assist in the purchase of a one-to-four family, condominium or planned community development eligible property. Qualification of Participating Lenders All CHFA Participating Lenders and Correspondent Lenders are eligible to Participate in the DAP PROGRAM .
The Downpayment Assistance Program (DAP) provides financial assistance in the form of second mortgage loans to eligible first-time home buyers based on their financial needs to assist ... assets owned must be used for the down payment and/or closing costs, with the exception of the $10,000. The $10,000 may include $1,000 of equity in real ...
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