The CHFA Conventional Area Median Income (AMI) Loan Program (CALP) provides first mortgage loan financing to qualified first-time homebuyers that do not qualify for the FNMA - HFA PreferredTM or FHLMC - HFA Advantage® Loan Programs due to their qualifying income being greater than 80% of the Area Median Income. This program helps borrowers save on insurance costs, along with CHFA's below-market interest rate. If you are not a first-time homebuyer, you may still qualify for this mortgage program if you are purchasing a home in a Targeted Area.
Downpayment Assistance Program (DAP) Loans
You may automatically qualify for a low-interest supplementary second mortgage of at least $3,000 to cover down payment. You must show you have the monthly income to pay both loans, but not enough savings to pay the down payment. The interest rate will be the same as your home loan.