The City of Chino, through its CalHome program, offers up to $60,000 for each eligible household to be used towards down payment for the purchase of a home within the City of Chino. It is intended for lower income home buyers who can afford monthly mortgage payments but do not have enough to pay the initial home purchase down payment and non-reoccurring closing costs. The goal of the program is to increase homeownership in Chino.
Down Payment Assistance Loan is considered a “deferred payment loan.” The loan has a 0% simple interest rate during the first 10 years and 3% will start to accrue at the 11th year till year 30. The loan is deferred for 30 years. This means you will be required to pay back the full amount plus 3% simple interest annum, from year 11th through year 30 from the date you purchased your home. This loan is never forgiven. Funds are available on a first come, first served basis with a fully executed and purchase contract.
In order to effectively determine your eligibility, you need to complete an application as thoroughly and accurately as possible. Please note that you must use a City of Chino Approved Lender and submit a completed application for the Down Payment Assistance Loan. The application, along with all required documents, must be submitted a minimum of 4 weeks prior to any loan commitments or closing dates. When you are qualified you will be issued a letter of pre-approval that will remain valid for 90 days.
