reminder and clarification regarding upcoming changes to chfa’s borrower premium option As previously announced on December 1, 2016, effective for reservations on or after January 3, 2017, CHFA will no longer offer a 2 percent Borrower Premium option for
purchase loans. This change is only applicable to purchase loans; Borrower Premium options for CHFA refinance programs will remain the same.
In addition, the 1 percent Borrower Premium will remain available to assist purchase borrowers with closing costs and prepaid expenses. The CHFA DPA Grant will also continue to be available for up to 3 percent of the first mortgage loan amount.
The 2 percent Borrower Premium option will remain available for CHFA Advantagesm and CHFA Preferredsm refinance programs. Additionally, 2 and 3 percent Borrower Premium options will remain available for the CHFA FHA Streamline Refinance program.
Please contact us with any questions, or for more information regarding this change.