Federal First-Time Homebuyer Tax Credit Is Nearing Its End!

CHFA is reminding everyone of the expiration of the Federal First-Time Homebuyer Tax Credit. To qualify for the Federal Tax Credit, borrowers had to be under contract by April 30, 2010, and the mortgage loan must close before July 1, 2010.

As you know, the CHFA Jumpstart2 Tax Credit Loan Program was designed around the Federal Tax Credit. As such, the CHFA JumpStart2 program will also end with the Federal Tax Credit.

CHFA will continue to accept reservations in the CHFA JumpStart2 Program until 10:00pm on Friday May 28, 2010, to ensure that CHFA can complete its Compliance Review on time and avoid any closing delays.

To ensure that your Borrowers will have timely approvals and closings, please remember the following:

• CHFA Compliance Review period is now four (4) business days.
• Missing documents will cause loans to be denied and significantly delay approval.
• Your company’s underwriters must review and approve loans before they are submitted to CHFA for Compliance Review.

CHFA JumpStart2 may be ending; however the CHFA FirstStep program is available and a great alternative for the first time homebuyer.

Please see our website or call us for details.

303.297.7376 or 1.888.320.3688 Denver
970.241.2341 or 1.800.877.8450 Western Slope

Thank you,
CHFA Home Finance