​​ CHFA eNews: Home Finance
chfa enews - home finance 
March 14, 2016

updates from chfa h​ome finance

seller's guide updates

We’ve recently made some updates to the CHFA Seller’s Guide (click here for PDF version), including:
  • Expansion of Participating Lender eligibility to include certain lenders not physically located in Colorado (see Chapter 1, Section 101.A)
  • Permitting electronic signatures on all initial disclosures, initial loan applications, and purchase contracts (see Chapter 1, Section 105.K)
  • Clarification of requirements related to cash back to borrowers in transactions that include a Borrower Premium (see Chapter 1, Section 107.A)
  • Enhanced guidance regarding short-term leasebacks (see Chapter 2, Section 201.D)
  • Explanation of subordination requirements for all CHFA refinance programs (see Chapter 3, Sections 305, 306, and 309)
  • Revision to CHFA’s income requirements to permit the use of qualifying income (see Chapter 5, Section 501)
  • Enhanced guidance regarding PMI requirements and the permissibility of PMI delegated underwriting (see Chapter 5, Section 502.C)
  • Updates to the funding credit and debit information to add previously excluded funding credit information (see Chapter 6, Section 608)
  • A technical correction to the CHFA early payoff requirement (see Chapter 6, Section 614)
  • Addition of property tax payment requirements (see Chapter 8, Section 804)
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mcc program

CHFA will not offer a Mortgage Credit Certificate (MCC) program in 2016. MCCs already reserved and in process, as well as Reissued Mortgage Credit Certificates (RMCCs), will not be affected by this determination.

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return to normal appraisal policy

Due to appraisal backlogs occurring at the time, in October 2015, CHFA temporarily permitted lenders to submit loan files for Program Compliance Review without an appraisal. Now that the urgency of that issue has subsided, we are returning to our normal policy whereby all required documents must be submitted in order for a loan to check in for Program Compliance Review. Effective immediately, loans submitted without an appraisal will not advance to Program Compliance Review. Please remember to verify the status of submitted loans in HomeConnection or the Document Delivery System to ensure that all required documents have been uploaded and accepted.

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take advantage of today's low rates with chfa refinance options

CHFA offers three refinance options for borrowers: CHFA Preferredsm Refinance, CHFA Advantagesm Refinance, and CHFA FHA Streamline Refinance. Some benefits of the Preferred and Advantage programs are:

CHFA Preferred Refinance offers a conventional insured loan with:
  • A 97 percent LTV requirement,
  • 1 or 2 percent Borrower Premium options for closing cost assistance,
  • Reduced-cost private mortgage insurance, and
  • The possibility to cancel mortgage insurance when the LTV reaches 80 percent.
CHFA Advantage Refinance offers a conventional uninsured loan with:
  • A 97 percent LTV,
  • 1 or 2 percent Borrower Premium options for closing cost assistance, and
  • No mortgage insurance!
Please contact a CHFA Business Development Specialist with any questions.

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

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