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How will CHFA programs help my borrowers?
How do I become a participating lender?
I am a mortgage broker. Can I participate in CHFA programs?
How does CHFA compensate lenders for the loans?
Does CHFA provide training classes for lenders?
What additional steps do I need to take to originate loans for CHFA borrowers?
I am having difficulty with HomeConnection - whom do I call?
How can I correct the loan amount, property address, etc. or cancel a reservation on HomeConnection?
I forgot my user ID and password for HomeConnection - can I get a reminder?
How do I lock the interest rate?
Does CHFA allow interest rate buy-downs?
Can a borrower get a CHFA loan with no cash investment?
Do CHFA programs require the borrower to make a minimum financial contribution into the purchase transaction?
Can borrowers use a nonoccupant cosignor to add strength to their mortgage loan application?
When and how do I submit documentation to CHFA?
Can borrowers receive cash back at closing?
Can borrowers close with an interest credit?
What is the Recapture Tax?
What is CHFA's Federal Recapture Tax Reimbursement program?
How do I calculate the CHFA second mortgage loan amount?
How do I determine the CHFA second mortgage loan maturity date?
Which CHFA documents do I use for the different CHFA programs?
Does CHFA have a submission file order?
When does CHFA begin servicing the mortgage loan?
How do I contact the Home Finance Division?
How will CHFA programs help my borrowers?
By providing down payment 30-year fixed rate mortgages, optional second mortgage for down payment and closing costs, competitive rates, and free homebuyer education classes.
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How do I become a Participating Lender?
The process of becoming a Participating Lender includes completing a lender application, signing a Mortgage Purchase Agreement, and attending lender training. Please review the application checklist and contact the Home Finance Division at 303.297.7376 or toll free at 888.320.3688 for more information.
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I am a Mortgage Broker. Can I participate in CHFA programs?
In order to become a CHFA participating lender, you must meet minimum requirements; please review the application checklist and contact the Home Finance Division at 303.297.7376 or toll free at 888.320.3688 for more information.
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How does CHFA compensate lenders for the loans?
CHFA provides a Service Release Premium in addition to the 1% origination fee collected by the lender. Other possible premiums paid to Lenders includ the Non-Metro Premium, the Program Premium, the Lender Premium and the Second Mortgage Loan Premium as found in chapter 6 of the Seller's Guide.
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Does CHFA provide training classes for lenders?
Yes; visit the education section of on our website or contact the Home Finance Division at 303.297.7376 or toll free 888.320.3688 for more information.
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What additional steps do I need to take to originate loans for CHFA borrowers?
Originating a CHFA loan entails a few easy steps in addition to standard processing practices. Visit the training class schedule on our website or contact the Home Finance Division at 303.297.7376 or toll free at 888.320.3688 to register for a training session.
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I am having difficulty with HomeConnection. Who do I call?
If you experience any difficulties with HomeConnection (system error codes, unable to access the reservation system, etc.), contact CHFA's Information Technology Division at 303.297.7409 or toll free 800.877.2432, ext. 409. In addition, please refer to the HomeConnection User Guide.
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How can I correct the loan amount, property address, etc., or cancel a reservation on HomeConnection?
Lenders may adjust the loan amount, property address, and other information on HomeConnection. From the main menu in HomeConnection, double link "Loan to be Modified." Once in Loan Editor, you may adjust the loan amount, property, borrower, co-borrower and cosignor informaiton. Make your changes and click "submit." If a Compliance package has already been sent to CHFA or if you need to change the CHFA program or loan type, lenders should use CHFA form 704 to correct the reservation and fax to 303.297.0947.
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I forgot my user ID and password for the HomeConnection. Can I get a reminder?
Yes; in HomeConnection, go to the login page and click on "Forgot my Password" or "Forgot my Login Name." Then enter your login name and email address. Once your login and valid email address have been verified, you will receive an email containing a temporary password. Once you receive that password, please log into HomeConnection and reset your password. For further assistance, call the Home Finance Division at 303.297.7376 or toll free 888.320.3688.
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How do I lock the interest rate?
Participating Lenders may lock the rate on HomeConnection for mortgage loans under the MRB First Step and Taxable Home Opener Programs. Funds may be reserved for all other programs via fax. Lenders may lock a rate once the borrowers have an executed a purchase contract.
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Does CHFA allow interest rate buy downs?
CHFA allows temporary interest rate buy downs, in the MRB First Step and Taxable Home Opener Programs. CHFA second mortgage loan proceeds may be used to partially or fully fund the temporary interest rate buy down.
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Do CHFA programs require the borrower to make a minimum financial investment?
Yes; the amounts are as follows:
a. $1000 for typical mortgage loans inthe MRB First Step and Taxable Home Opener Programs, unless product type conforms to item b below.
b. $500 for Fannie Mae's "My Community Mortgage" products and Freddie Mac's "Home Possible" products.
c. $750 for typical HomeAccess Suite of programs, unless product type conforms to item b or d on this list.
d. $500 for HomeAccess.
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Can borrowers use a nonoccupant cosignor to add strength to their mortgage loan application?
Yes; the loan must conform to the applicable loan insurer's requirements. For further information refer to chapter 2, section 205, pgs 59-60 of the Seller's Guide.
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When and how do I submit documentation to CHFA?
Documentation is submitted to CHFA for compliance approval prior to loan closing and again after loan closing for loan purchase. Please contact the Home Finance Division at 303.297.7376 or toll free 888.320.3688 to schedule a training session.
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Can borrowers receive cash back at closing?
Yes; CHFA permits a borrower to receive a refund at closing of earnest money paid in excess of the Minimum Financial Investment. Any other fees, costs, or deposits paid outside of closing in excess of the Minimum Financial Investment will not be refunded at closing.
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Can a borrower close with an interest credit?
No; CHFA will not purchase any loans closed with an interest credit.
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What is the Recapture Tax?
Please see the Recapture Tax page for a thorough description of this federal tax.
back to top >What is CHFA's Recapture Tax Reimbursement program?
Please see the Recapture Tax Reimbursement page for a thorough description of this program.
back to top How do I calculate the CHFA Second Mortgage loan amount?
The CHFA Second Mortgage loan amount cannot exceed 3% of the first mortgage loan amount. If the first mortgage loan amount changes prior to closing, so must the maximum CHFA Second Mortgage loan amount. Borrowers are not required to use the maximum loan amount; they may use whatever exact amount is needed, up to the maximum. For example, if the first mortgage loan amount is $137,595, the maximum CHFA Second Mortgage loan amount is $4,127.85.
back to top How do I determine the CHFA second mortgage loan maturity date?
The CHFA second mortgage maturity date is the same for our first mortgage maturity date. The CHFA second mortgage loan term is 360 months, which is the same term as the first mortgage loan. For example, if the first mortgage loan maturity date is March 1, 2036, the CHFA second mortgage maturity date is March 1, 2036.
back to top Which CHFA documents do I use for the different CHFA programs?
CHFA provides electronic copies of all the documents required for each particular CHFA program.
back to top Does CHFA have a submission file order?
Yes; when submitting loan packages, please use the application submission voucher and file order found on our website (CHFA form 702b).
back to top When does CHFA begin servicing the mortgage loan?
After CHFA has purchased a mortgage loan from a participating lender, CHFA will begin to service the mortgage loan. Please refer to chapter 9 in the Seller's Guide for Servicing Deadlines and dates.
back to top How do I contact the Home Finance Division?
To contact the Home Finance Division, please call 303.297.7376 or 888.320.3688.
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