The CapEd Home Affordable Mortgage Program (CHAMP) is designed to meet the needs of first-time home buyers and lower income households. This program requires only 3% down, which can be from your own funds or gift funds.
CapEd Home Affordable Mortgage Program (CHAMP) Details
- 3% down payment.
- Occupying borrower must be a first time homeowner1.
- Gift funds are allowed.
- First 2 months payments in reserve after closing is required.
- Property restrictions apply.
- Manufactured housing is not allowed.
- Maximum acreage: 10 acres.
- Allows for a non-occupying co-borrower2.
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Mortgage Loan Officers
We have an experienced and reliable team to assist you every step of the way when buying your new home. If you're ready to apply for a Educator Home Loan, review the resources below and contact our Mortgage team to get started.
All loans are subject to approval. 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 First time homeowner is defined as a person who has not owned a home in the last three years.
2 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.