expanding choices Finally, we have recently added another MI partner for our conventional products. CHFA Down Payment Assistance Grant: Up to 3% of your first mortgage loan amount. They have the ability to offer specialty programs such as the CHFA Advantage , a Conventional loan with 3% down and NO MI, or the CHFA Smart Step Plus , which is an FHA loan with a 3% down payment assistance grant. CHFA is expanding and enhancing its down payment assistance options for purchase loans to give your borrowers more choices. CHFA Preferred Loan Program Buying a Home , Colorado Lifestyle , You and Your Agent With CHFA Preferred, you could save money up front and throughout the life of your loan with a lower down payment requirement and lower monthly mortgage insurance payments than similar programs in the market. There is sure to be a CHFA loan product that meets your needs! Security First Financial is a CHFA Participating Lender offering CHFA Home Loan Programs to first-time and non-first-time Colorado home buyers. Do you have a minimum mid credit score of 680? All Rights Reserved, Emergency Mortgage Assistance Program (EMAP), Conventional AMI Loan Program (CALP) FAQ's, Interest on Real Estate Brokers Trust Account, Compliance Reporting and Property Look-up, Capital Improvement Resources and Financing, CHFA's Multifamily Rental Housing Program Guideline, 2020 Cost Certification Preparation Guideline and Workbook. var dteNow = new Date(); var intYear = dteNow.getFullYear(); document.write(intYear);
For more information, contact Joe Voccio at (860) 571-3527 or Joe.Voccio@chfa.org. At maturity, it is anticipated that the construction loan will be retired with the proceeds of permanent financing and/or the proceeds resulting from the sale of tax credits (e.g., Low-Income Housing Tax Credits (LIHTCs), Federal/State Historic Credits or Housing Tax Credit Contributions (HTCCs)), or other development financing. For current taxable bond rates and rate lock information, please click here. Final approval is granted by CHFA’s Board of Directors. The CHFA Resource Map and the Geographic-Driven Programs Map are standalone applications that have been embedded on the CHFA For more information about CHFA's multifamily loan programs, contact, 4 Percent Non-Competitive Tax Credit Loan, Applies to projects that have received a reservation of 9 percent competitive Low Income Housing Tax Credits (LIHTCs), Fast execution - streamlined FHA Risk Share processing of five business days or less. Income limits: Vary by county (see CHFA income limits). CHFA first-time home buyer loan programs Using a network of participating mortgage lenders across the state, CHFA offers purchase loans, as … The site navigation utilizes arrow, enter, escape, and space bar key commands. CHFA offers permanent-only financing for developments financed in concert with an alternative construction lender. BECOME A MEMBER multifamily loan products. Colorado Housing and Finance Authority. "Moderate" is defined as 120% of the area median income adjusted for household siz. For additional information regarding the two-note structuring of CHFA’s construction/permanent loans, please click here. The Connecticut Housing Finance Authority (CHFA) is Connecticut’s Premier Mortgage Loan Program for “First Time Homebuyers”. Example: A development with the need of $10,000,000 in construction financing and an anticipated permanent loan amount of $4,000,000 will be structured as follows: Permanent Rate: 5% (Interest Only for 2 years). The Connecticut Housing Finance Authority (CHFA) is committed to assisting Connecticut individuals and families achieve and sustain their dream of homeownership for a lifetime. ET. All program guidelines other than income remain the same as for the standard products. Forms are also available in CHFA HomeConnection sm on an individual loan basis. Once you have established a qualified development team, complete and submit the CHFA/DOH Consolidated Application. On a traditional loan borrowers would need to contribute 20 percent down to avoid paying for costly mortgage insurance (MI). For over 50 years, CHFA has set the standard for showcasing natural and organic products through the industry’s most prestigious trade events. Our digital mortgage solutions are the fastest way to simply inquire about the best mortgage products, services, or even complete your full application in less than 15 minutes! Of the total units in a development, either: minimum of 20% of the units must be available and affordable to households earning 50% of the area median income or less, adjusted for household size; or. CHFA has programs that may help you. CHFA offers permanent-only financing for developments financed in concert with an alternative construction lender. Timothy Dolan at 303.297.7318., ©
SiMPLe offers uninsured permanent financing for 9 percent tax credit properties. Sign up for email announcements and updates! » MORE: Explore CHFA loan programs and eligibility requirements. CHFA mortgage loans offer a variety of programs to increase the availability of affordable, decent, and accessible housing for lower and moderate income applicants in Colorado.