chfa home finance enews

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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 and

CHFA 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 ed

CHFA 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 extensi

The 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, uploa

CHFA 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.

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 an

As 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 Finan

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

Income 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 C

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

Reminder: 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, DM

CHFA 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, Firefox

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

You 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 l

CHFA 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 da

CHFA 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.

CHFA 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 allowed

The 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,

CHFA 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 req

CHFA 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 day

CHFA 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,

In 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

chfa 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 day

There 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 and

CHFA'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 releas

Dear 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 main

CHFA 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 and

As 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 G

CHFA 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, featuring

Effective 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 • 5

Lender 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 w

Effective 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 HomeCon

Effective 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 HomeCon

Effective 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 for

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 Grand

CHFA 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, webinars

All 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 ou

The 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 maki

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 Grand

Lender 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) Li

Locked 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 program

Effective 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 for

CHFA 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

doing 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

Effective 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

Below 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

Lender 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

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 goes

CHFA 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