Continue the Savings with a CHFA Loan Program CHFA Preferred sm CHFA … CHFA FirstStep Plus: 1st mortgage with a DPA 2nd. Program Matrix - CHFA SmartStep Plus Program AUS/Manual Underwriting CHFA Accepts DU, LPA Or GUS. CHFA SmartStep. The Colorado Housing and Finance Authority (CHFA) offers the program to eligible borrowers who need assistance with paying the high upfront costs of buying a house. Similar to the FirstStep program, approved borrowers may apply for the SmartStep Plus program, which provides down payment assistance in the form of a second mortgage. The Metro Mortgage Assistance Plus … The following down payment assistance programs may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property. CHFA FirstStepsm and FirstStep Plussm effective March 2, 2020 key features Term 30-year term Loan Purpose/Type Purchase FHA [no FHA 203(k)] Interest Rate Fixed interest rate Optional CHFA Second Mortgage/ FirstStep Plus Second mortgage for up to 4% of first mortgage loan amount. None PMI required if … Special Alerts/Comments: With the new self-service features in HomeConnection, lenders can lock a loan for a past or current CHFA borrower. var dteNow = new Date(); var intYear = dteNow.getFullYear(); document.write(intYear); ** 30 Year Fixed Rate Mortgage. December. It looks like your browser does not have JavaScript enabled. CHFA SmartStep Plus: 1st mortgage with a Grant or a 2nd. Any previous CHFA mortgage loans must be paid in full otherwise CHFA … Borrowers must meet income and purchase price limits, as well as complete a CHFA approved first time homebuyer education class. CHFA FirstStep. Not limited to FTHBs. The second mortgage must be paid in full upon sale or refinance, or if the property is no longer the borrower’s primary residence. SmartStep Plus combines the mortgage with a grant or second mortgage to provide down payment and closing cost assistance. A qualified veteran may be … Metro Mortgage Assistance Plus Program. May be used for down payment, closing costs and pre-paids. CHFA SmartStep Plussm CHFA Preferred Plussm CHFA FirstStep Plussm Second Mortgage Programs Purchase Review Submission Checklist Submission Tips • Please use CHFA’s Document Delivery System in CHFA HomeConnectionsm for all new submissions. To qualify borrowers must have a mid credit score of 620 or higher, meet certain income limits, attend a homebuyer class and contribute at least $1,000 to the purchase of the home. FF30CHFASPPS - FHA FIXED 30YR CHFA SMARTSTEP PLUS W/SECOND FF30CHFAFSP – FHA FIXED 30YR CHFA FIRSTSTEP PLUS W/SECONDCHFAZPS – CHFA ZERO-PERCENT SECOND Loan Type Property Type Occupancy Purpose Max Sales Price Max Loan Max LTV/CLTV Min FICO Score Max DTI Ratio Max Assistance CONV 1 Unit / Condos / PUDS/ … 2021 FHA Loan Limits. CHFA SmartStep Plus: 1st mortgage with a Grant or a 2nd. CHFA SmartStepsm CHFA SmartStep Plussm CHFA FirstStepsm CHFA FirstStep Plussm CHFA DPA None None Grant or Second None Grant or Second None Second only LTV/CLTV 97/105 (minimum 80.01) 97/105 FHA, VA, USDA-RD guidelines FHA guidelines Loan Type Conventional FHA, VA, USDA-RD FHA only Mortgage Insurance None PMI required if LTV > … CHFA SmartStep/SmartStep Plus. Credit restrictions and income limits may apply, so be sure to refer to the CHFA website for current eligibility requirements and application details. 0000015890 00000 n March 20, 2019. CF30CHFAPPS - CONF FIXED 30YR CHFA PREFERRED PLUS W/SECOND. chfa smartstep plus,document about chfa smartstep plus,download an entire chfa smartstep plus document onto your computer. Zero-percent silent second, no monthly payments required, no accrued interest. Del Norte Neighborhood Development Corporation is a down payment assistance program. means a loan made, insured, purchased, subsidized or guaranteed by the Connecticut Housing Finance Authority; Applicants must prove that they have sufficient income to pay both loans but don’t have the required savings to afford a down payment and/or the closing costs on the home. May be used for down payment, closing costs and pre-paids. On 25th December 2020 By . None None Grant or Second None Grant or Second None Second only. FHA Requirements. Income limits do apply … CHFA DPA . Just like the CHFA SmartStep, this loan has a 30-year term and affordable fixed interest rates (the same as the first mortgage). The CHFA Grant: is … CHFA is excited to announce that they are changing how they offer down payment assistance (DPA). This program offers government-insured, 30-year, fixed-interest-rate mortgages either as FHA, FHA 203(k), VA or USDA Rural Development loans. The CHFS SmartStep Plus program helps homebuyers with down payment and closing cost assistance. Please turn on JavaScript and try again. Del Norte. Zero-percent silent second, no monthly payments required, no accrued interest. It is up to the … Mortgage Calculators. sm. Government-insured loans can offer buyers better loan … To obtain the most current income limits, visit the CHFA website here. sm. CHFA Form 205: Modification of Note and Deed of Trust. However, please keep in mind: A borrower may only have one active CHFA mortgage loan at a time. CHFA Form 305: CHFA Second Mortgage Note. Section 307: CHFA SmartStepsm and CHFA Smartstep Plussm 34 Section 308: CHFA HomeAccesssm and HomeAccess Plussm 34 Section 309: CHFA Sectioneightsm Homeownership and 36 SectionEightsm Homeownership Plus chapter 4 locking loans Section 400: General Lock Information 40 Section 401: Interest Rates 40 Section 402: Making a Lock … These applicants can apply for FirstStep or FirstStep Plus loans featuring “affordable interest rates, a 30-year term and even an optional CHFA Second Mortgage Loan,” according to the official site. There are limits to household income, of which vary by county. Second must be paid in full upon sale, refinance, or if property is no longer the borrower’s … … Cons: Higher interest rates then traditional FHA or conventional financing. The CFHA Military Mortgage Option: There is an additional 0.125% off already below-market … CHFA Smartstep. Optional CHFA DPA Grant or Second Mortgage/ SmartStep Plus Non-repayable grant available for up to 3% of the first mortgage loan amount, or second mortgage for up to 4% of first mortgage loan amount. Lender paid Mortgage insurance is an option on select programs. CHFA SmartStep Plus includes a 30 year fixed rate second mortgage loan to assist with down payment and/or closing costs. • All documents with a red asterisk are required. CHFA SmartStep / CHFA SmartStep Plus. This will often lower the monthly payment overall. The CHFA DPA Grants will be: non-repayable, be in an amount of 3% of the first mortgage loan, and; assist with down payment, closing costs, and/or pre-paids. 0000005375 00000 n 0000027268 00000 n All CHFA- approved participating … Limited income that falls within CHFA guidelines for your household size Not enough savings to make a down payment or to cover closing costs A mid-credit score … CHFA is planning to replace the CHFA Second Mortgage Loan with a CHFA DPA Grant . CHFA Smartstep Plus, Preferred Plus, and HomeOpener Plus can be in the form of a grant that does not have to be paid back upon sale or refinance of the property at a later date. • All documents with a red asterisk are required. The CHFA 2nd mortgage: Deferred payments and is up to 4% of the total loan amount at 0% interest. 97/105 (minimum 80.01) 97/105 FHA, VA, USDA-RD guidelines FHA guidelines. Colorado Housing and Finance Authority. CHFA Down Payment Assistance Second Mortgage Loan: Up to 4% of your first mortgage loan amount Repayment deferred until certain events, such as payoff of first mortgage loan, sale or refinance of your home, or if the home is no longer owner-occupied Lender Must Use GUS For USDA-RD Loans). CHFA SmartStep Plus. Loan Type. The CHFA SmartStep Plus program includes a Second Mortgage Loan for help with down payment and/or closing costs. ¿¢k½¦kýz£ÿ"ï¼øWJãÃ¥(ãÓZzþd,~†(gDïg'6׫?Š+Iµ,¶ß%)ÄGið¦ØJtâDq!K”îîe‰M'Š¯RG­«Œ(¾É?7?­^nV/ß ¾™ô B-áŒ"à`q+z,Öl n0ž'’1~遮s#›öt`O%öôQö†°4~º.«$}"¥´DÏwY3—Èš‰t§;›ž5LB=d'a—´@Û%q„[Þ>‡×Ù¼•¡Ô†ÐßH. Additionally, all other documentation that is … Any previous CHFA mortgage loans must be paid in full otherwise CHFA … 1. 2020. CHFA FirstStep Plus. Not limited to FTHBs. CHFA Form 310: CHFA Second … CHFA SmartStep and SmartStep Plus: These CHFA loans are provided to veterans, first-time home buyers, and non-first time buyers alike. FF30CHFASPPS - FHA FIXED 30YR CHFA SMARTSTEP PLUS W/SECOND: Special Alerts/Comments: With the new self-service features in HomeConnection, lenders can lock a loan for a past or current CHFA borrower. Home. Receive up to 4.0% of your 1st Mortgage ** Example: Receive up to $8,000.00 on a $200,000.00 mortgage Repayment of loan balance deferred until certain events, such as payoff of your 1st mortgage, or the sale or refinance of the home. CHFA Form 110: Buydown Agreement. The CHFA Smartstep Colorado home loan program gives potential homeowners access to the CHFA’s lowest interest rates. Limited to FTHBs. However, buyers purchasing in targeted areas are exempt, unless the Downpayment … That second loan is intended for down payment and closing cost assistance. Mortgage Insurance . However, please keep in mind: A borrower may only have one active CHFA mortgage loan at a time. LTV/CLTV. CHFA SmartStep is a down payment assistance program in Colorado. Connecticut. Second … CHFA Form 792-2nd 09/20.v1 CHFA Home Finance, 1981 Blake Street, Denver CO 80202 Colorado Housing and Finance Authority www.chfainfo.com CHFA SmartStep Plussm CHFA Preferred Plussm Second Mortgage Programs Consolidated Review Submission Checklist Submission Tips • Please use CHFA’s Document Delivery System in CHFA … You can use CHFA Preferred without down payment assistance or use the CHFA Preferred Plus which provides down payment assistance in the form of a second mortgage. Minimum down payments are the lesser of $3,000 or 3% of the home’s purchase price. Grant and 2 nd may not be combined. Saved by The Mortgage Company. The CHFA SmartStep can also be used with CHFA… Grant and 2nd may not be combined. FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. CHFA DPA Grant or CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids ... CHFA SmartStep and SmartStep Plus Program Matrix applicable forms. Conventional FHA, VA, USDA-RD FHA only. CHFA Form 230M: Non-MERS Assignment . chfa smartstep and smartstep plus. Limited to FTHBs. AUS Type Utilized Must Correspond To The Specific Program Selected When Loan Locked (i.e. The second mortgage is for 4% of the first mortgage amount and has no monthly payments and 0% interest. CHFA SmartStep Plussm CHFA Preferred Plussm CHFA FirstStep Plussm Second Mortgage Programs Compliance Review Submission Checklist Submission Tips • Please use CHFA’s Document Delivery System in CHFA HomeConnectionsm for all new submissions. The CHFA 2nd mortgage: Deferred payments and is up to 4% of the total loan amount at 0% interest. FHA Loan Guidelines; FHA Loan Limits MIP Information FHA Closing Costs. FHA … • CHFA Allows Manually Underwritten Loans For Borrowers With No Credit Score Or Scored Borrowers Receiving A “Refer.” • … chfa loan products. Additionally, all other documentation that is … Just pay it off when you sell, refinance or reach a $0 balance. CHFA SmartStep Plus. CHFA Second Mortgage. how you qualify* To qualify for either program: t you must be a first time homebuyer**, a non-first time homebuyer in a … CHFA Preferred smCHFA Preferred Plus CHFA SmartStep CHFA SmartStep Plussm CHFA FirstStepsm CHFA FirstStep Plus CHFA DPA None Second only None Grant or Second None Second only LTV/CLTV 97/105 FHA, VA, USDA-RD guidelines FHA guidelines Loan Type Conventional FHA, VA, USDA-RD FHA only Mortgage Insurance PMI required if LTV > 80 … Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property. sm . sm. © CHFA FirstStep Plus: 1st mortgage with a DPA 2nd. VA mortgages are included in the list of eligible government-backed loan programs available via CHFA SmartStep/SmartStep Plus. payoffs, transfers, servicing information, 30-year fixed rate FHA, VA, USDA-RD purchase loans only, CHFA DPA Grant or CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids, Income limits apply (see income and purchase price limits below), Program eligibility is subject to lender’s loan qualifying income calculation, Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted, CHFA Home Finance Program Comparison Card, CHFA SmartStep and SmartStep Plus Program Matrix, CHFA Form 205: Modification of Note and Deed of Trust, CHFA Form 310: CHFA Second Mortgage Deed of Trust, CHFA Form 355A: Second Mortgage Good Faith Estimate (non-amortizing), CHFA Form 355B: Second Mortgage HUD 1A Settlement Statement (non-amortizing), CHFA Form 375: Second Mortgage Documents Instructions, CHFA Form 376: Second Mortgage Loan Estimate, CHFA Form 377: CHFA Second Mortgage Closing Disclosure, CHFA Form 704: Change or Cancellation of Lock, CHFA Form 738: Post Closing Review Submission Checklist, CHFA Form 746-2nd: CHFA Second Mortgage Program Compliance Review Submission Checklist, CHFA Form 747-2nd: CHFA Second Mortgage Purchase Review Submission Checklist, CHFA Form 780: Affordable Housing Restrictions Approval Certification, CHFA Form 792: CHFA SmartStep Lock to Purchase Review Submission Checklist, CHFA Form 792-2nd: CHFA Second Mortgage Lock to Purchase Review Submission Checklist. 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