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A home with a number one inside

CHAMP

The CapEd Home Affordable Mortgage Program (CHAMP) is designed to meet the needs of first time home buyers. This program requires only 3%1 down, which can be from your own funds or gift funds.

CHAMP Details

  • 3% down payment
  • Occupying borrower must be a first time homeowner2
  • Gift funds are allowed
  • 2 months reserves after closing is required
  • Property restrictions apply
  • Manufactured housing is not allowed
  • Maximum acreage: 10 acres
  • Allows for a non-occupying co-borrower3
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Disclosures

Rates listed are base rates. Rates, terms, and conditions may change without notice and may vary based on creditworthiness, qualifications, loan amounts, and collateral conditions.

1 All loans subject to approval. Occupying borrower may petition CapEd to remove the non-occupying borrower from the loan and title to the property after a period of 36 months from the note date. Occupying borrower must still occupy the property, have missed 0 x 30 (delinquency) on existing loan, and fully qualify under the terms of this program by themselves with regards to income, debt-to-income and credit.

2 First time homeowner is defined as a person or persons who have not owned a home in the last three years.

3 Occupying borrower may petition CapEd to remove the non-occupying borrower from the loan and title to the property after a period of 36 months from the note date. Occupying borrower must still occupy the property, have missed 0 x 30 (delinquency) on existing loan, and fully qualify under the terms of this program by themselves with regards to income, debt-to-income, and credit.

All loans subject to approval. Rates as low as 5.962% APR. Rates, terms, and conditions are subject to change and vary based on creditworthiness, qualifications, and collateral conditions. A $150,000 loan at 5.49% would have payments of $944.49 per month.