CHF Down Payment Assistance Grant… 3% From the state with NO REPAYMENT!

by on June 20, 2011

RPM is pleased to announce our approval to offer the…..

CHF Platinum Program

Exclusively with Bank of America

The CHF Platinum Program is designed to provide down payment assistance in conjunction with the purchase of a primary
residence in California. This program is for FHA and VA loans.

Elements of the CHF Platinum Program

• Sponsored by CRHMFA Homebuyers Fund (CHF)
• Administered by National Homebuyers Fund, Inc. (NHF)
http://nhfloan.org/programs/CHF_Platinum/Guide_CHF_Platinum.html
• Serviced by Bank of America

Loan Terms

• The first mortgage loan program features a below market, 30 year, fixed interest rate, fully amortized loan.

Assistance Grant

• May not exceed 3% of the first mortgage loan amount, including up-front mortgage insurance premium (UFMIP).
• Proceeds may be used for down payment and/or closing costs.
• There must be no cash back to the borrower from the Grant Fund proceeds.

Property Eligibility

• Owner Occupied Primary residence in the State of California
• 1-Unit
• FHA/VA approved condos
• PUDS
Minimum Fico: 640
Max Loan Amount: The lesser of $417,000 (not including MIP) or the max county loan limit allowed per HUD.

Borrower Eligibility

• Be a U.S. citizen, permanent resident alien or qualified alien.
• Occupy the property as their primary residence; non-occupant co-borrowers are not allowed.
• Borrower(s) income cannot exceed CRHMFA’s income limits established for the eligible county in which the borrower(s)
is purchasing (120% AMI). http://nhfloan.org/programs/CHF_Platinum/Platinum_IncomeLimits.pdf
o Current income limit below.

Rates and Locking

• The rates are set for a period of time. The current rate for this program is 5.0%.
• Please contact the lock desk for accurate pricing.
• It is strongly advised that you do not reserve the funds until you have loan approval. This will help avoid cancelation fees
if the loan does not go through.

Fees and Charges

• Origination Fee: 1.00%
• Discount Points: 0.00%
• Other Closing Costs: In accordance with CRHMFA policies; must be fully disclosed on HUD-1.
• Because there is no rebate pricing please be sure to adjust your Comp for that week accordingly.

Fees charged to Loan Agent

• Cancellation Fee: A $400 cancellation fee.
• Rate Lock Extension Fee: CHF will consider a one-time (30) day rate lock extension on a case-by-case basis. A minimum
fee of 0.5% of the loan amount will be applied to extensions. This fee may be higher depending on market conditions at
the time.

Escrow/Impound Accounts

Escrow, or impound, accounts are required on all mortgage loans under this program, regardless of LTV, for the payment of taxes,
mortgage insurance, and hazard and flood insurance (as applicable).

Title Insurance Policy

The outstanding principal balance of each first mortgage loan must be covered by an ALTA Lender’s Policy of Title Insurance,
naming the lender and CRHMFA as their interests appear. The policy must have endorsements 100 and 116, 116.2 or 115, 110.5
and 104.1, as applicable.
Homebuyer Education: Homebuyer education is not required on the CHF Platinum Program.

Documentation Requirements:

• Standard FHA documentation
• CHF Gift Letter (attached)
NOTE: All Bank of America and FHA overlays apply

Call me TODAY at 408-890-6126 to find out how YOU can take advantage of this program!

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