CHFA eNews: Home Finance
chfa enews - home finance 
  July 25, 2019

important: changes to chfa conventional loan programs

The following changes will be effective only for conventional 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.
Please note that exceptions will not be made for locks made on or after August 19, 2019.

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 Lender.

Here’s the good news:
  • 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.
Please contact us for further information or questions.

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