CHFA FirstStep and CHFA FirstStep Plus are back!!

Today marks the return of CHFAs Tax Exempt financing for first time homebuyers and eligible veterans. These programs offer the benefit of affordable fixed interest rates and 30 year terms. CHFA FirstStep Plus includes a CHFA Second Mortgage for up to three (3%) percent of the first loan amount to assist with down payment and/or closing costs.

Remember, ALL CHFA Second Mortgage Loans now require a Good Faith Estimate (GFE) and separate HUD-1A Settlement Statement. These forms and detailed instructions are available on our website.

If you have a Reservation for a Borrower that meets the guidelines (income, purchase price, first time homebuyer, etc) for these programs, you may send CHFA a Change Request Form (CHFA Form 704) to transfer the Reservation to the new program. However, your Borrower will need to meet all the new guidelines that became effective February 1, as well as any additional documentation required for CHFA FirstStep and CHFA FirstStep Plus approval. The new guidelines include:

• No Co-signers
• Borrowers minimum financial contribution must be from the Borrowers own funds
• Manual underwrites and Borrowers with a credit score between 619 and 580 must meet the criteria for the CHFA Risk Information Score Card (CHFA RISC)
• Non-traditional or Emerging credit report is required for Borrowers with insufficient or no credit lines.

Dont miss out on this great opportunity. You must attend a webinar training in order to take advantage of these special programs. For a complete training schedule and RSVP information, please visit our website.

Please contact us with any questions.

303.297.7376 or 1.888.320.3688 Denver
970.241.2341 or 1.800.877.8450 Western Slope

Thank you,
CHFA Home Finance