CHFA's Programs Expanded To Help More Homebuyers

CHFA is pleased to announce that effective with all reservations beginning July 1, our CHFA FirstStep^sm and CHFA HomeOpener^sm Programs will serve single person households with higher income limits. In addition, all non-first time borrowers purchasing property in a Targeted Area may use CHFA FirstStep or CHFA Statewide Mortgage Credit Certificate (CHFA MCC) programs.

Income Limit Update
All CHFA programs have combined the one-person and two-person household into a single category, resulting in a higher income limit for the single person household. Please click here for a preview of the new limits.

Targeted Area Update
Certain geographical areas of the state are designated a “Targeted Area” by either HUD or the IRS. These Targeted Areas may include entire counties or certain census tracts within a county. Please see Chapter 11 of the CHFA Seller’s Guide or click here for Targeted Area locations.

• CHFA has removed the First Time Homebuyer restriction for the CHFA FirstStep, CHFA FirstStep Plus, and CHFA MCC programs for all loans made or CHFA MCCs issued on properties located in a Targeted Area.
  
  
• Income and Purchase Price Limits have been increased for loans made on properties located in a Targeted Area.

Rural Lenders – These entire counties are Targeted Areas:

Alamosa                                                              Huerfano                             Rio Grande

Baca                                                                      Kit Carson                            Saguache

Bent                                                                      Las Animas                          San Juan

Chaffee                                                               Mineral

Conejos                                                               Montezuma

Costilla                                                                 Morgan               

Crowley                                                               Otero

Delta                                                                     Prowers

Gunnison (except Crested Butte)             Pueblo

Metropolitan Area Lenders – Many neighborhoods you work in have census tracts that are Targeted Areas. Check out our  list of Targeted Areas.

 

What does this mean to you? 

• Single-person households with higher incomes may be eligible for our lowest  interest rate loans plus down payment assistance.
   
• Your non-first time homebuyers may be eligible for much-needed down payment assistance plus a great interest rate.
   
• MCCs are available for non-first time homebuyers if they are buying a home in a Targeted Area.

Help your borrowers maximize their purchasing power by reviewing these changes today!

Please be aware that CHFA HomeConnection^sm will be temporarily unavailable for maintenance beginning at 5:00pm on Wednesday June 30, 2010.         

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