CHFA eNews: Home Finance
chfa enews - home finance 
February 22, 2017

reminder: chfa program changes coming march 6, 2017!

New Down Payment Assistance Options

Two new options available to assist with down payment, closing costs, and/or prepaids:
  • CHFA DPA Grant: Available for up to 4 percent of the total first mortgage loan amount (replaces 3 percent CHFA DPA Grant)
    --or--
  • Zero-percent Second Mortgage Loan: Available for up to 5 percent of the total first mortgage loan amount
The Return of MCCs

CHFA will once again offer Mortgage Credit Certificates (CHFA MCCs) for qualified borrowers. MCCs can be paired with a CHFA or non-CHFA first mortgage loan.

Other Changes
  • 1 percent Borrower Premium
    The current 1 percent Borrower Premium available for purchase loans will be eliminated with the introduction of the new 4 percent grant and the 5 percent second mortgage. All Borrower Premium options will remain for refinance loans.

  • New VLIP Products
    Special Freddie Mac® loan products for very low-income borrowers, offering all of the same guidelines and criteria as CHFA’s other Freddie Mac (CHFA Advantagesm and CHFA Preferredsm/CHFA Preferred Plussm) loan programs, but with lower income limits and a lower interest rate.
Register for a training class today to be ready for these new opportunities!

CHFA Home Finance
303.297.7376 or 888.320.3688 Denver
970.241.2341 or 800.877.8450 Western Slope


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