CHFA JumpStart2 Program to restart December 1

On Friday, November 6, the federal First-Time HomeBuyer Tax Credit was extended and expanded. CHFA is in the process of making changes to its current CHFA JumpStart Tax Credit Program to reopen it for reservations.

Effective December 1, 2009, Participating Lenders can make new reservations in the JumpStart2 program. According to the requirements of the federal program, borrowers must have a purchase contract dated on or before April 30, 2010 and close on their mortgage before July 1, 2010. The JumpStart2 program has interest deferral on payments on the Second Mortgage extended through December 31, 2010.

If the JumpStart Second Mortgage is not paid in full during the deferral period, the new first payment date for the Second Mortgage will be February 1, 2011. CHFA is not changing any other program guidelines. CHFA is not increasing the JumpStart income limits, nor expanding the program to non-first time homebuyers or changing the maximum amount available for the JumpStart Second Mortgage. Please remember that CHFA issues both the initial and final JumpStart Truth In Lending (TIL) statements. Please allow three days for CHFA to issue the final TIL. If you need a refresher course or are new to the JumpStart program, please contact the Home Finance Division.

The new program with updated forms will be available on HomeConnection December 1, 2009.

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