Lender Questions

Below you will find common questions we receive from lenders. Please keep in mind that the Homeownership Center is a client powered experience.

What Type of Down Payment Assistance Does CHDC Offer?

  • DPA can be in the form of grants (free money), loans (repaid with low interest), deferred loans (payments delayed until specific conditions), or forgivable loans (transform into grants over time).
  • These programs may be managed by state, city, and county officials, as well as nonprofit organizations.

Who Qualifies for DPA?

  • Eligibility varies by program but typically considers income, home price, creditworthiness, employment, and debt-to-income ratio, and need.

How Does the Application Process Work?

How long does the overall  process take?

It takes 10-20 days for us to process and underwrite a loan. We process a loan just like the 1st lender, we do have to send out our LE, 1003, Cd, and all other disclosures, we are in compliance with TRID. That is why it’s important to submit your lender package right away (at least 10 business days prior to close)

What is the lender package?

Please see checklist attached.

What programs can my client qualify for?

The counselor will make that determination after their one on one with client. Based on the programs qualifications and income requirements the counselor will then make a determination and refer to lending department.

What counties do you have grants in?

We currently are serving the following counties: Contra Costa County, Solano, San Francisco, Alameda, Santa Clara, and San Mateo.

What programs can I as a lender use?

Lenders can use any program that doesn’t require training, Some programs require lender training.

How do I know if there are any funds available for any grant/program

Counselor will make that determination, Most importantly have your client sign up now.

What does client have to pay for?

Client has to pay credit fee of $20.00 and homebuyer education workshop $75.00 if they haven’t taken a HUD approved class elsewhere, and underwriting fees. (every program is different)