​​​​​​ CHFA eNews: Home Finance
chfa enews - home finance 
March 16, 2015

continuing to​​ cut the red tape and offering your borrowers more options

We’re announcing a number of changes effective today that will enable more borrowers to take advantage of CHFA’s programs.

elimination of purchase price limits

Effective today, CHFA is eliminating purchase price limits for most of its loan programs. Purchase price limits will continue to apply to the CHFA MCCsm and CHFA HomeAccesssm programs, but will be eliminated for all other CHFA programs. CHFA income limits remain, as do the loan limits applicable to the particular loan product you are utilizing. Additionally, CHFA’s maximum loan limit will continue to be $417,000, regardless of any higher limits permitted for particular programs in certain counties.

fha streamline refinance changes

Loan Seasoning

Effective immediately, borrowers with FHA-insured loans through CHFA will be eligible for CHFA’s Streamline Refinance program, provided the mortgage has at least six months, instead of 12 months, of payment history. Specific eligibility requirements include the following:
  • For borrowers with six or more, but less than 12 payments made, all payments must have been made on time.
  • For borrowers with more than 12 payments made, the borrower must have made all payments on time for the most recent 12-month period.
New Pricing Options

In addition, we have three new pricing options for the CHFA FHA Streamline Refinance program. Previously, all CHFA FHA Streamline Refinance loans included a borrower premium of up to 3 percent. Effective today, we are offering additional options, including:
  • Par (no Borrower Premium)
  • 1 percent Borrower Premium
  • 2 percent Borrower Premium
These options are in addition to the continued availability of the 3 percent Borrower Premium option, enabling your borrowers to choose the appropriate product that best meets their specific needs.

chfa - your pa​​rtner of choice

These changes are a continuation of CHFA’s commitment to cut red tape and make our products available to more customers, making it even easier for CHFA to be your partner of choice for Colorado borrowers.

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