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Archive for the ‘CHFA’ Category

My attempt at being younger than I am…does it show?  CHFA is in the news again due to some well needed and helpful changes that are making it easier for first time homebuyers to get into the game.  With the real estate market the way it is in Colorado anyone buying now is going to come out way ahead in the upcoming years and here are two programs making that happen: 

CHFA HomeOpener and HomeOpener Plus

CHFA HomeOpener and CHFA HomeOpener Plus are statewide first mortgage programs available to homebuyers. There are no purchase price limits or first time homebuyer requirements, and mortgage loans originated in these programs are not subject to the Recapture Tax provision. The CHFA HomeOpener Plus program includes the CHFA Second Mortgage Loan to assist with down payment and closing costs for a single family property. The programs offers market interest rates.

These programs have income limits, and to qualify, you must attend a Homebuyer Education class if you are a first time homebuyer or Money Management if you are not a first time homebuyer. You must also contribute a minimum $1,000 to the purchase of the home. The property must be occupied by the homebuyer and not used as a rental property.
 

CHFA Second Mortgage Loan

Used in conjunction with the CHFA HomeOpener Plus program, this optional loan helps with down payment and closing costs. This loan, if used, will come from the same lender as your primary loan.

The CHFA Second Mortgage Loan is available for up to 3 percent of the first mortgage loan amount at the same interest rate and term (30 years) as the first mortgage, the CHFA HomeOpener Plus. Monthly  payments are due on this loan at the same time the payments on the  CHFA HomeOpener Plus first mortgage loan payments are due. If the first mortgage is refinanced, title transferred, or if the property is no longer the borrower’s principal residence, the CHFA Second Mortgage Loan is due and payable in full. The CHFA Second Mortgage Loan can not be subordinated to any new first mortgage other than one offered by CHFA.

source: CHFAinfo.com

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