Your Road Home: CHFA Homeownership eNews

why mortgage insurance?
As someone considering a home purchase, you may know that to protect your property in the event of a hazard you'll need homeowner's insurance -- not to be confused with mortgage insurance. Many loan products also require mortgage insurance (MI) to protect your lender against losses should you default on your mortgage loan. MI is typically required if you make a down payment of less than a 20 percent.
There are two types of mortgage insurance:
  1. Federal mortgage insurance or guarantees provided by the Federal Housing Administration (FHA), the Veterans Administration (VA), or the U.S. Department of Agriculture (USDA); 
  2. Private mortgage insurance (PMI) provided by private companies.
The cost of mortgage insurance is typically rolled into your monthly loan payment. In other cases, a flat fee is paid up front at closing. Some loan programs* offer a reduced-cost MI, such as the CHFA Preferredsm  program, or no MI at all, such as the CHFA Advantagesm program.
Learn more about mortgage insurance by checking out this information from the Consumer Financial Protection Bureau:

*Higher interest rates may apply with these loan products.

like it forward: embrace the giving season by "liking" chfa on facebook
In the spirit of giving and supporting local nonprofits, CHFA is running a Facebook campaign called "Like It Forward" -- a little "like" goes a long way.
For each "like" our Facebook page receives from November 18th through December 18th, CHFA will buy one Soup and Cornbread Gift Bundle from Women's Bean Project and donate it to Food Bank of the Rockies.
Visit CHFA's Facebook page today to "Like It Forward" and share with your Facebook friends!

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