Enhancements to our Reservation Procedures

CHFA is happy to announce two new policies that should make our reservation process more flexible. These changes are not retroactive and will only be for new reservations made on or after June 11, 2009.

30 Day Upfront Loan Delivery Extension - Participating Lenders will now have the ability to request a one-time 30 day extension to the original delivery period. The loan must be in the original 30 or 60 day delivery period when the request is made. There will be a one half of one percent (0.50%) fee of the loan amount (Original Principal Balance) for this extension. This fee may be paid by the Participating Lender, Borrower, or seller, depending on the circumstances requiring the need for an extension. CHFA will net the fee from the Purchase Advice.

Reservation Program Change - CHFA now permits Reservation changes without canceling a loan if the request is made within 10 days of the original Reservation date. These changes allow a loan to change programs (i.e. CHFA JumpStart to HomeOpener Plus), add or remove a Second Mortgage (i.e. HomeOpener to HomeOpener Plus), change insurer/guarantor (i.e. FHA to VA.) However, Participating Lenders may not transfer a Reservation from a 30 day delivery to a 60 day delivery or vice versa, whether in the same CHFA Program or not. CHFA will use the applicable program's interest rate from the date of the original Reservation. Participating Lenders are reminded that not all programs have the same requirements, such as income limits, purchase price limits and first time homebuyer restrictions. It is the Participating Lender's responsibility to ensure that the Borrower meets the applicable Program requirements.



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