important: changes to chfa conventional loan programs
The following changes will be effective only for conventional locks made on or after August 19, 2019:
Please note that exceptions will not be made for locks made on or after August 19, 2019.
- CHFA Advantagesm will no longer be available.
- Income limits will be capped as follows:
- CHFA Preferredsm and CHFA Preferred Plussm 80% Area Median Income (AMI)
- CHFA Preferredsm Very Low Income Program (VLIP) will remain at 50% AMI.
- AMI will be based upon the property’s county. Check
CHFA's Income Chart
in the next few weeks for updated income limits.
- The CHFA DPA Grant will no longer be available on CHFA Preferred Plussm or CHFA Preferredsm VLIP
- CHFA will no longer allow manually underwritten conventional loans.
Critically important to note: Under no circumstance will CHFA purchase a loan that has a new loan casefile
ID for Desktop Underwriter or Loan Product Advisor dated on or after
September 5, 2019, that does not meet the above income requirement, as these
loans will be undeliverable to Fannie Mae or Freddie Mac®. Any such loan will
not be purchased by CHFA and remain the responsibility of the Participating
Here’s the good news:
Please contact us for further information or questions.
- CHFA conventional loans will still have no loan level price adjustments
- CHFA conventional loans will still have
charter-level private mortgage insurance coverage of 18% or lower.
CHFA Home Finance
303.297.7376 or 888.320.3688 Denver
970.241.2341 or 800.877.8450 Western Slope