reminder: chfa program changes coming march 6, 2017!
New Down Payment Assistance Options
options available to assist with down payment, closing costs, and/or prepaids:
The Return of MCCs
- CHFA DPA Grant: Available for up to 4 percent of the total first mortgage loan amount
(replaces 3 percent CHFA DPA Grant)
- Zero-percent Second Mortgage Loan: Available for up to 5 percent of the total first mortgage loan amount
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.
Register for a training class today to be ready for these new opportunities!
- 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.