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CHAP Community Home Advantage Program

Community Home Advantage Program

Community Home Advantage Program

A new community assistance home loan program is now available for specific zip codes in select States to both homebuyers and homeowners.

By buying refinancing in one of these targeted communities, the Community Home Advantage Program offers discounted interest rates based on your zip code.

CHAP – Community Home Advantage Program – offers a .50% improvement in the costs associated with your interest rate if your address is in an eligible zip code.

Unlike almost every other assistance program available today, this program does not have restrictions for purchase price, or income limits.

Another incredible feature not found in any other assistance program, is the ability to use any Conventional, FHA or VA first mortgage.

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No Expensive Fees or Overlays

One of the greatest benefits of Community Home Advantage Program is that there are no expensive overlays, restrictions, or costs associated with qualifying for the assistance.

Most buyer assistance programs in the market today will put restrictions on your loan to value, require higher interest rates, and include higher closing costs.

The Community Home Advantage Program uses the underwriting guidelines

The Community Home Assistance Program is currently only available select areas, and is expanding all the time.  This information current as of 3/20/2017 (I will update eligible areas as they are announced).

Homebuyer Assistance Programs

Homebuyer assistance comes in many forms.  Many State, County and City assistance programs can have inconsistent funding, higher rates, higher fees, and strings attached, like adding liens to your home, or taking part of the equity in your home when you sell or refinance.

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These programs are great options if you have no other choice.  Programs like the Community Home Advantage Program, HomeReady, and HomePossible offer low down payment options and flexible qualifying guidelines that allow you more control over your options, your equity, and your expenses.

Consider all of your options when you are buying your first home, and always remember that there is no such thing as a free loan, or free money.  The best option is an informed decision.  Do you homework, talk to a professional, and make an educated decision.

About the Author

Scott Schang

A 20 year veteran of the Mortgage and Real Estate industry, I am passionate about educating and empowering consumers. I have been writing about consumer protection issues, and making sense of complicated real estate and mortgage topics on this website since 2007

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