eNews
02.13.2009
02.13.2009
Home Finance
Program Anticipated to Launch March 2, 2009
CHFA is excited to announce a single family mortgage program to meet the changing demands shaped by the financial and municipal bond markets, the CHFA Home Opener. CHFA anticipates rolling out this new and improved program on March 2, 2009, continuing our mission of offering quality housing programs.Program Features
The new and improved CHFA Home Opener Program is a market rate product for Colorado homebuyers, featuring:
- no first time homebuyer requirement
- optional second mortgages for down payment and closing cost assistance
- no purchase price limits
- higher income limits than a typical first time homebuyer program
- changes to second mortgage interest rate and term
- changes to reservation period
- new delivery and suspension deadlines
- minimum median credit scores for all borrowers
- maximum debt-to-income ratio for manually underwritten loans
Effective February 20th, no new reservations will be allowed until individual training is completed. HomeConnection accounts will be re-established after a Lender's training is completed.
Trainings will be held via webinar (anticipated for the week of February 23rd) or at CHFA offices in Denver and Grand Junction.
Additionally, CHFA will offer specific training sessions for origination staff (Branch Managers, Loan Officers, Processors, and Closers) and operations staff (Closers, Shippers, Post Closing, and their Managers). Please click this link to register for the training for your position. For those attending classes in Denver, be sure to RSVP to either the applicable email address or phone number as provided.
Watch for future eNews e-mails to learn more. Please contact the Home Finance division 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 Team
