chfa home finance enews Sign up for CHFA Home Finance eNews Stay informed about CHFA programs, guideline updates, trainings, and CHFA events by signing up for CHFA Home Finance eNews.Simply click the eNews link on this page and follow the instructions to get enrolled. News Hub: Home Finance eNews July 23, 2020don't forget: faster chfa closings are coming!Effective September 1, 2020: With our new Lock to Purchase process, we will no longer be reviewing CHFA Preferredsm and CHFA SmartStepsm mortgage loans for CHFA program compliance prior to closing. You will lock these mortgage loans in HomeConnection andJuly 20, 2020video: how to get a chfa program loanCHFA is excited to now provide yet another way to learn how to get a CHFA program loan! This quick video, under two minutes, hits the highlights of what CHFA offers and how to begin the qualifying process. We stress the importance of taking homebuyer edJuly 15, 2020tax filing deadline: july 15, 2020CHFA FirstStep Program Loans locked on or after the IRS tax filing deadline of July 15, 2020, will require the borrower’s 2019 tax return. A full transcript of the borrower’s tax return is acceptable. Submission of an older tax return, a filing extensiJuly 13, 2020homeconnection maintenance: tuesday, 7.14.2020The CHFA HomeConnection system will be unavailable starting at 6:00pm MT on Tuesday, July 14, 2020, while the system undergoes maintenance. Lenders will not be able to access the system for any purpose, including making locks, reviewing pipelines, uploaJuly 8, 2020did you know? Tips and Tricks to Delivering DocumentsCHFA is experiencing very high volume and is reviewing files as quickly as possible. Please read the tips below to help ensure you will have an efficient file review. Tip #1: The Bulk Upload options should only be used for purchase submissions. July 6, 2020reminder: faster chfa closings are coming!Effective September 1, 2020: With our new Lock to Purchase process, we will no longer be reviewing CHFA Preferredsm and CHFA SmartStepsm mortgage loans for CHFA program compliance prior to closing. You will lock these mortgage loans in HomeConnection anJune 29, 2020chfa closed: july 3, 2020As a reminder, CHFA will be closed on Friday, July 3, 2020. Participating Lenders will be able to submit documents in HomeConnectionsm; however, loan locks and purchases, processing of documents, file check-ins and reviews, and all other CHFA Home FinanJune 22, 2020reminder: faster chfa closings are coming!CHFA will be implementing a new Lock to Purchase process effective for CHFA Preferredsm and CHFA SmartStepsm mortgage loans locked on or after September 1, 2020. With our new Lock to Purchase process, we will no longer be reviewing CHFA Preferredsm and June 22, 2020effective immediately: new income and purchase price limitsIncome Limits CHFA has updated income limits for its single family mortgage programs. The new income limits are only effective for new loan locks made on or after June 22, 2020. Purchase Price Limits CHFA has updated its purchase price limits for the CJune 17, 2020CHFa Home Finance - Training Opportunities: July 2020 June 17, 2020 chfa home finance upcoming trainings CHFA Refresher (Loan Officers) Live webinar • July 14 • 2:00pm If you have previously taken the Lender Basics class and would like to refresh your CHFA knowledge. To register, please June 15, 2020mers: transfer within five days of purchaseReminder: The Transfer of Servicer (TOS)/Transfer of Beneficiary (TOB) must be completed within the MERS system using a transfer date within five (5) days of CHFA's loan purchase. Important: Include both CHFA's ORG ID of 1008017 and the sub-servicer, DMJune 12, 2020attention: homeconnection technical issuesCHFA has received a few inquiries from lenders unable to access HomeConnection. We recently upgraded the system, with changes effective today. Please remember, these upgrades are only supported by the following browsers: Google Chrome, Safari, FirefoxJune 10, 2020faster chfa closings are coming!CHFA will be implementing a new Lock to Purchase process effective for CHFA Preferredsm and CHFA SmartStepsm mortgage loans locked on or after September 1, 2020. With our new Lock to Purchase process, we will no longer be reviewing CHFA Preferredsm and June 8, 2020homeconnection gets an upgradeYou will notice a few changes to the CHFA HomeConnectionsm system on June 12, 2020. These changes are predominantly cosmetic in nature and will not affect how you upload documents. The most noticeable enhancement is a new navigation field visible when lMay 8, 2020reminder: maintenance: homeconnection unavailableCHFA will be conducting routine maintenance on Saturday, May 9, 2020. CHFA’s HomeConnectionsm system will not be available during this time. New locks and file submissions will not be allowed. We anticipate the system being operational by the following daMay 7, 2020CHFa Home Finance -Training Opportunities: May/June 2020CHFA is fully operational. That said, we are still offering web-based training to get you ready for the summer buying season! Check out the schedule by visiting the Mortgage and Real Estate Professional Training page. May 5, 2020maintenance: homeconnection unavailableCHFA will be conducting routine maintenance on Saturday, May 9, 2020. CHFA’s HomeConnection system will not be available during this time. New locks and file submissions will not be allowedApril 30, 2020Did You Know? CHFA Requires a FHA MIC within 30 DaysThe FHA Mortgage Insurance Certificate (MIC) must be delivered to CHFA within 30 days of the loan purchase by CHFA. CHFA may begin the Repurchase process if all required forms and documents, including the FHA MIC, and any loan document error corrections, April 23, 2020extended: waiver on certain feesCHFA understands many transactions are still facing delays in closings and recordings due to COVID-19. CHFA is extending the waiver on the following fees to May 1, 2020: • If a loan is within the original 60-day Lock Period, Participating Lenders may reqApril 15, 2020maintenance: homeconnection unavailableCHFA will be conducting routine maintenance on Saturday, April 18, 2020. CHFA's HomeConnection system will not be available during this time. New locks and file submissions will not be allowed. We anticipate the system being operational by Noon that dayApril 9, 2020covid update: early payment default, repurchase, and forbearanceCHFA requires Participating Lenders to underwrite, originate, and provide any initial servicing of CHFA home mortgage loans in accordance with CHFA's Mortgage Purchase Agreement (MPA) and Seller's Guide; legal and regulatory requirements; and insurer, April 7, 2020chfa firststep programs: electronic signatures allowed on initial applicant affidavitIn addition to no longer requiring the Initial Applicant Affidavit (CHFA Form 401) be notarized, CHFA will now accept electronic signatures on CHFA Form 401 and borrower explanation letters. Important: Electronic signatures must be obtained in April 3, 2020Did You Know? CHFA Can Purchase Loans in Eight Dayschfa can purchase loans in eight days It’s true! CHFA understands the importance of purchasing loans quickly in order to get loans cleared from your warehouse lines. CHFA can purchase complete loan files within six business days (or eight calendar dayMarch 30, 2020chfa strongThere are many challenges during these uncertain times. We are here to reassure you that CHFA is committed to fulfilling our mission and making affordable homeownership available to our community. We have transitioned to a remote working environment andMarch 27, 2020chfa is fully operationalCHFA's Home Finance team is fully operational and continues to purchase loans daily. We are working diligently to meet your needs and the needs of your customers. In recognition of different factors influencing business in this environment, CHFA is releasMarch 24, 2020a message from chfaDear CHFA Participating Lenders, Thank you for all you’re doing to meet the needs of homebuyers throughout Colorado during this challenging time. CHFA’s staff has transitioned to a remote working environment and CHFA’s technology allows us to fully mainMarch 18, 2020did you know? Income Tax Returns RequirementsCHFA changed its policy regarding the submission of tax returns with the last edition of the CHFA Seller’s Guide. Let’s break it down by programs: CHFA SmartStepsm and CHFA Preferredsm Programs Tax returns are not required for the CHFA SmartStep andMarch 16, 2020homebuyer education: chfa temporarily offers free online homebuyer education class optionsAs circumstances from COVID-19 continue to evolve, CHFA’s priority is ensuring the health and safety of our staff, customers, and partners while continuing to fulfill our mission of investing in affordable housing and economic development. In light of GMarch 3, 2020introducing mi hogar: a spanish-language homeownership micrositeCHFA is proud to announce the launch of our Spanish-language homeownership microsite, Mi Hogar! This site offers the resources and information you know from our English-language homeownership site, as well as new Steps to Homeownership videos, featuringMarch 2, 2020effective today: chfa program changesEffective for all locks made on or after Monday, March 2, 2020, CHFA has implemented the following: 1. A maximum debt-to-income (DTI) limit on all CHFA Mortgage Loan Programs as follows: • 50.00% DTI limit for borrowers with a mid FICO of 620 to 659 • 5February 28, 2020CHFA Home Finance - Training Opportunities: March 2020Lender Basics (Loan Officers) In-person class, Denver • March 5 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please contact Jacob Lammert. CHFA Refresher (Loan Officers) Live wFebruary 20, 2020reminder: chfa refinance mortgage loans sunsetting march 2, 2020Effective March 2, 2020, CHFA will no longer offer a refinance option. The CHFA FHA Streamline Refinance Program and CHFA Preferredsm Refinance Program will no longer be available to new or existing CHFA borrowers. Any refinance loan locked in HomeConFebruary 17, 2020sunsetting march 2, 2020: chfa refinance mortgage loansEffective March 2, 2020, CHFA will no longer offer a refinance option. The CHFA FHA Streamline Refinance Program and CHFA Preferred Refinance Program will no longer be available to new or existing CHFA borrowers. Any refinance loan locked in HomeConFebruary 12, 2020reminder: debt-to-income limitsEffective for all locks made on or after Monday, March 2, 2020, CHFA will implement a maximum debt-to-income (DTI) limit on all CHFA Mortgage Loan Programs as follows: • 50.00% DTI limit for borrowers with a mid FICO of 620 to 659 • 55.00% DTI limit forFebruary 10, 2020 last chance: chfa and freddie mac trainings are this week!Select your location and register today for CHFA and Freddie Mac's upcoming trainings! Where: CHFA Grand Junction 348 Main Street Grand Junction, CO 81501 When: February 12, 2020 11:30am to 1:30pm Lunch is provided. Click here to register for GrandFebruary 6, 2020update: seller's guideCHFA is pleased to announce the publication of a revised and updated CHFA Seller's Guide. This version is a comprehensive update of the guide and incorporates all CHFA program and process changes previously announced via CHFA eNews announcements, webinarsFebruary 3, 2020limited home finance operations: wednesday, february 5All CHFA staff will be participating in an offsite meeting on Wednesday, February 5, 2020. CHFA’s HomeConnectionsm system will remain operational, allowing lenders to lock new reservations and upload documents. CHFA will work to accommodate loans due ouJanuary 29, 2020homeconnection down for maintenance starting friday, 1.31.2020The CHFA HomeConnection system will be unavailable starting at 5:00pm MT on Friday, January 31, 2020, through Sunday, February 2, 2020, while the system undergoes maintenance. Lenders will not be able to access the system for any purpose, including makiJanuary 28, 2020reminder: doing more conventional business with chfa and freddie macSelect your location and register today for CHFA and Freddie Mac's upcoming trainings! Where: CHFA Grand Junction 348 Main Street Grand Junction, CO 81501 When: February 12, 2020 11:30am to 1:30pm Lunch is provided. Click here to register for GrandJanuary 21, 2020chfa home finance - training opportunities: february 2020Lender Basics (Loan Officers) In-person class, Denver • February 7 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please contact Kristi Lacroix. CHFA Refresher (Loan Officers) LiJanuary 17, 2020diy: update loans via homeconnectionLocked a loan under one program and now need to change it to another? Good news! For locks made on or after January 17, 2020, lenders will have the ability to update the following lock features while the loan is in “Reserved” status: • Change a programJanuary 13, 2020debt-to-income limitsEffective for all locks made on or after Monday, March 2, 2020, CHFA will implement a maximum debt-to-income (DTI) limit on all CHFA Mortgage Loan Programs as follows: • 50.00% DTI limit for borrowers with a mid FICO of 620 to 659 • 55.00% DTI limit forJanuary 7, 2020social media webinar: video, advertising, and emerging tools is next weekCHFA invites you to join MGIC as they present the fourth and final webinar in a four-part webinar series, Social Media Strategies: Video, Advertising and Emerging Trends. Social media moves fast, and if you want to make the most of it you have to take January 6, 2020chfa and freddie mac training in grand junction on february 12 and denver on february 13doing more conventional business with chfa and freddie mac® Select your location and register today for CHFA and Freddie Mac's upcoming trainings! Where: CHFA Grand Junction 348 Main Street Grand Junction, CO 81501 When: February 12, 2020 11:30am to January 2, 2020changes to chfa loan limitsEffective for locks made on or after January 2, 2020, use the lower of $510,400 or the applicable program loan limit determined by FHA, VA, USDA-RD, Fannie Mae, or Freddie Mac®. The CHFA FirstStepsm Programs have purchase price limits. Purchase price December 31, 2019plan ahead: 2020 holiday scheduleBelow is a list of 2020 holidays affecting CHFA Home Finance operations. On days when CHFA is closed, lenders will be able to submit documents; however, loan locks, processing of documents, file check-ins and reviews, and all other CHFA Home Finance December 17, 2019chfa home finance - training opportunities: january 2020Lender Basics (Loan Officers) In-person class, Denver • January 7 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please contact Elfriede Leicht. CHFA Refresher (Loan Officers) Live webinar December 9, 2019action required: taxpayer first act and taxpayer consent forms Among the provisions of the Taxpayer First Act (the "Act"), signed into law on July 1, 2019, is the requirement for taxpayers to provide their permission, prior to the sharing or redisclosure of their tax return information. Such component of the Act goesDecember 5, 2019please read: high volume: chfa program compliance reviewsCHFA is experiencing very high volume and we are reviewing files as quickly as possible. All required documents must be accepted by the Document Delivery System in HomeConnectionsm prior to a file checking in for review. It takes time for documents to November 25, 2019reminder: next social media webinar: instagram and twitter is next week!CHFA invites you to join MGIC as they present the third webinar in a four-part webinar series: Instagram and Twitter: Harness the Fastest Growing and Moving Networks. Instagram has become the fastest growing social media platform, only second to News Hub: Search Terms It looks like your browser does not have JavaScript enabled. Please turn on JavaScript and try again. News Hub: Search Results It looks like your browser does not have JavaScript enabled. Please turn on JavaScript and try again.