CHFA eNews: Home Finance April 26, 2016 updates from chfa home finance Changes to Loan Amounts Current Year Tax Returns New Affordable Housing Restrictions Approval Certification Cobranded Marketing Materials Now Available Technical Updates to the CHFA Seller's Guide Plan Ahead – CHFA Homebuyer Education Classes are Filling up Fast! We're Busy…Reviewing Your Files changes to loan amounts Please remember that if you make a change to a loan amount after CHFA has completed its Program Compliance review, you must notify CHFA and update the CHFA DPA Grant Award letter to reflect the revised DPA Grant amount. return to top current year tax returns As a reminder, for reservations made on or after the IRS tax filing deadline (April 18, 2016, this year) the borrower’s 2015 tax returns are required. Submission of 2014 tax returns or a filing extension in lieu of 2015 returns is not permitted. return to top new affordable housing restrictions approval certification A new Affordable Housing Restrictions Approval Certification (CHFA Form 780) has been added to the CHFA website. This form is used to certify that the affordable housing restriction applicable to the subject property complies with the insurer/guarantor or Fannie Mae requirements for such restrictions. CHFA Form 780 or documented approval from the applicable insurer/guarantor/investor must be included in loan files submitted for CHFA Program Compliance review where the underlying property contains an affordable housing restriction, including but not limited to, a deed restriction, affordable housing covenant, or a land trust or leasehold. return to top cobranded marketing materials now available CHFA has developed marketing materials that can be cobranded with CHFA Participating Lender logos and contact information. Program flyers, email templates, and information on obtaining a CHFA Participating Lender badge are available on the Marketing and Cobranding page on the CHFA website. Use these materials to market CHFA products to your borrowers. return to top technical updates to the chfa seller’s guide Some minor updates and technical corrections have been made to the CHFA Seller’s Guide. Most important, further clarification has been added regarding CHFA’s acceptance of borrower qualifying income for purposes of determining income eligibility for most CHFA programs (see Section 501.A). return to top plan ahead – chfa homebuyer education classes are filling up fast! CHFA-sponsored homebuyer education classes are experiencing extremely high demand and are filling up quickly. Please ensure that borrowers plan ahead and register for a class early. In addition, efforts are underway to meet the increased demand for classes and many new courses will be offered in May. Please see the CHFA Homebuyer Education Class Schedule for more information. return to top we’re busy…reviewing your files Thanks to you, we are very busy these days. As a result, the Loan Operations Department is currently experiencing extremely high volume. To ensure one day turn time on initial file submission reviews, please allow up to 24 hours for review of loan conditions. Calls and emails will be returned within 24 hours. To check the status of loans in process, please utilize your HomeConnection account. return to top Stay tuned for more exciting changes from CHFA, and please contact a CHFA Business Development Specialist with any questions regarding any of the topics mentioned above. CHFA Home Finance 303.297.7376 or 888.320.3688 Denver 970.241.2341 or 800.877.8450 Western Slope
