Ensure Your First Time Homebuyer Client Can Claim the Tax Credit

CHFA is as excited as you are about assisting first time homebuyers to take advantage of the Federal First-Time Homebuyer Tax Credit. However, to meet the closing deadline of November 30, 2009, CHFA needs our Participating Lenders to strictly adhere to the following critical deadlines:

Friday, November 6 (10:00pm)

The final date for reservations made via HomeConnection for first time homebuyer programs with a closing date on or before November 30 is Friday, November 6 at 10:00pm. Any reservation made after this date for a first time homebuyer with a closing date of November 30 or earlier may not be guaranteed approval before November 30. Reservations made for non-first time homebuyers or loans closing after November 30 are not affected by this deadline.

Monday, November 23

Any Compliance file delivered after 5:00pm will not be guaranteed approval before November 30. (please note: the November 23 deadline has been changed from a previously-announced November 24 deadline due to increased volume.) Any Compliance files suspended after this date will not be guaranteed approval before November 30

We will do our best to complete files on time. However, it is the Participating Lender's responsibility to manage and update their pipeline and deliver complete and accurate files.

To ensure that your borrowers will have timely approvals and closings, CHFA reminds you of the following:

• CHFA is closed on Wednesday, November 11 for Veteran's Day.
• CHFA is closed on Thursday, November 26 for Thanksgiving and only open from 8:00am till Noon on Friday, November 27 with a limited staff. For these reasons, loans delivered to CHFA past November 23 will not be approved in time for closing before December 1.
• Missing documents cause loans to be suspended and delay approval.
• Participating Lender's underwriters must review and approve loans before they are submitted to CHFA for Compliance Review.

Like all of you, CHFA is closely monitoring the potential extension of the tax credit. Should that transpire, CHFA will notify Participating Lenders of any programmatic changes.

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