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chfa advantage

CHFA Advantage - It Pays to Be Good!

Buying a home or want to refinance? Save money with the CHFA Advantage program!

Borrowers with credit scores of 680 and above may qualify for a 30-year fixed rate mortgage with only 3 percent down and no mortgage insurance. Typically, borrowers will need to contribute 20 percent down to avoid paying for costly mortgage insurance (MI).

However, we think that if you’ve worked hard to maintain good credit, you deserve a reward. You deserve CHFA Advantage.

How you qualify*

Buying a home? It pays to be good with CHFA Advantage. To qualify, borrowers must:
  • Complete a CHFA-approved homebuyer education class;
  • Have a mid-credit score of 680;
  • Contribute a minimum of $1,000 towards the purchase of your home; and
  • Meet income and purchase price limits.
Eligible homebuyers may also be able to increase their savings with a CHFA Mortgage Credit Certificate (CHFA MCC).

* In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting guidelines as determined by your CHFA Participating Lender.

Refinancing your existing loan?

CHFA Advantage Refinance gives you the stability of a 30-year fixed interest rate with no mortgage insurance payment and as little as a 3 percent equity contribution.
To qualify, borrowers must:
  • Meet income and home value limits;
  • Have a mid-credit score of 680;
  • Have a 3 percent equity contribution; and
  • Get an appraisal
There is no homebuyer education requirement with a CHFA Advantage Refinance.

Where do I start?

Contact a CHFA Participating Lender and ask them about CHFA Advantage.

CHFA uses approved Participating Lenders to qualify consumers and make all mortgage loans. Homebuyers interested in applying for financing should contact one of CHFA’s Participating Lenders.

Don't have a 680 FICO score?
Ask a CHFA Participating Lender about other CHFA programs.

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