CapEd Home Affordable Mortgage Program (CHAMP) is designed to meet the needs of first time home buyers. This exciting program requires only 3%* down, which can be from their own funds or gift funds. This program allows for a non-occupying co-borrower. Loan approval is subject to program underwriting guidelines.

Quick overview of the program:

  • Purchase transaction
  • 3% down payment
  • Occupying borrower must be a first time homeowner (First time homeowner is defined as a person or persons who have not owned a home in the last three years)
  • Gift funds are allowed
  • 2 months reserves after closing is required
  • Property restrictions apply
  • Manufactured housing is not allowed
  • Maximum acreage: 10 acres
  • 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 6.368% APR. Rates, terms, and conditions are subject to change and vary based on creditworthiness, qualifications, and collateral conditions. A $150,000 loan at 5.39% and corresponding APR of 6.368% would have payments of $1,170.80 per month. Contact CapEd at 208-884-0150 or 800-223-SAVE (7283) for more information.

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