we are cutting the red tape
Effective immediately, CHFA will no longer prohibit roommates within the home being purchased, unless such room rental is being treated as a business use for tax purposes.
Under our previous policy, a roommate paying rent would
automatically trigger business use of the home, which is
prohibited. Unless excluded from CHFA’s definition of Gross Annual Household Income, the income of any roommate will have to be verified and counted in the household income calculation to determine if the
household is within the CHFA income limits.
Additionally, CHFA is pleased to announce Essent Guaranty as an eligible mortgage insurance provider for the CHFA Preferredsm and CHFA Preferred Plussm programs. We look forward to this new partnership.
CHFA's availability of MCC funds is very limited. Please ensure that you check the
CHFA website for availability prior to making a reservation.