Are you a first time buyer of Rancho Santa Fe real estate, dreaming of having your own home to live in, but do not know where to get a mortgage loan? Even if you are on a very tight budget, you can still be able to get a house without a down payment, as well as closing costs by getting a CHDAP loan.

The CHDAP or California Housing Down Payment Assistance Program assists buyers to purchase houses without a deposit. This is possible by making use of this program and combining it with a Federal Housing Administration or FHA loan. In addition, you may buy without any closing costs if you use CHDAP loan together with sellers assistance not exceeding six percent.

This loan is a deferred payment, meaning it will only be paid back at a certain time in the future. It can be availed up to a maximum of three percent of the appraised value or the selling price, whichever of these two is smaller. However, it cannot go above that percentage.

In comparison with other programs, CHDAP loans do not compel sellers to take part. This allows home buyers to have a wider selection of properties to choose from.

There are certain qualifications to be able to get a CHDAP loan. These include, but are not limited to, the following:

• Your household income must not go beyond the stated median income in your area.

• The maximum selling prices of houses that can be bought are regulated by the loan limits of the FHA.

• This loan program can only be applied for houses in Rancho Santa Fe and other areas in California.

• It should be your first time to purchase a home to be eligible.

• You have to be qualified for an FHA loan.

It's wise to be prepared even before you apply. To be eligible for an FHA loan, you must have certain important documents to submit. Some of these include, but are not limited to, the following:

• A photocopy of your Driver's License

• A photocopy of your Social Security (SS) Card

• A copy of complete Palimony, Divorce, or Alimony papers, if it is applicable to you

• A copy of work permit or green card, if it's applicable to you

• Your latest tax returns for two years

• Your 1099s, W-2s, etc. for the last two years

• Your latest pay stubs, which cover a time period of one month

• If your self-employed, your YTD Profit and Loss statement, as well as your tax returns for the last three years

• Your latest statement from the money market, stocks, 401K, mutual funds, retirement, etc.

It is rather difficult to apply for mortgage loans to be able to buy from one of the Rancho Santa Fe homes for sale, most especially if you do not know much about the complex process, as well as the qualifications. It would be wise if you will ask your real estate agent about all the questions you have that are related to the process of home buying. You should discuss with him all the decisions you have to make and the available options before you finally settle on something. It's advisable to ask him for his ideas, propositions, and views.