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Programs and Forms
 

To meet the needs of a broad spectrum of buyers, CHFA offers a variety of programs.  Click on each of the programs below to find corresponding descriptions, directives, forms and income and purchase price limits.

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MRB First Step

This program is restricted to first time homebuyers, who are defined by CHFA as those who have not had an ownership interest in a primary residence for the three (3) years prior to the mortgage loan closing. First mortgage loans originated in this program are subject to the recapture tax provision. This program has income and purchase price limits.

Income and Purchase Price Limits

MRB forms

Notes (100s)

110 Buydown Agreement 

Deeds of trust(200s)

205 Modification of Promissory Note and Deed of Trust

220 Tax Exempt Financing Rider – All Loan Types

CHFA second mortgage loan documents (300s)

300A Second Mortgage Truth-in-Lending Disclosure Statement

300B Second Mortgage Truth-in-Lending Disclosure Statement

302 Good Faith Estimate

305 Second Mortgage Note

310 Second Mortgage Deed of Trust

Affidavits and notices (400s)

401 Initial Applicant Affidavit 

402 Final Applicant Affidavit

404 Seller Affidavit

407 Notice of Recapture Tax

CHFA administrative forms (700s)

700 Compliance Review Submission Voucher & File Order

701 Gross Household Income Computation Worksheet

703 Purchase and Submission Voucher & File Order

704 Change or Cancellation of Reservation

705 Wiring Instructions

706 Post-Closing Submission Voucher & File Order

707 Reservation Worksheet

721 Condo Questionnaire

Federal Recapture Tax Reimbursement (900s)

950 Request for Recapture Tax Reimbursement

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Taxable Home Opener

Taxable Home Opener is not restricted to first time homebuyers, and there are no purchase price limits. Mortgage loans originated in this program are not subject to the Recapture Tax provision.

Income and purchase price limits

Taxable Home Opener forms

Notes (100s)

110 Buydown Agreement

Deeds of trust (200s)

205 Modification of Promissory Note and Deed of Trust

CHFA second mortgage loan documents (300s)

300A Second Mortgage Truth-in-Lending Disclosure Statement

300B Second Mortgage Truth-in-Lending Disclosure Statement

302 Good Faith Estimate

305 Second Mortgage Note

310 Second Mortgage Deed of Trust

CHFA administrative forms (700s)

700 Compliance Review Submission Voucher & File Order

701 Gross Household Income Computation Worksheet

703 Purchase and Submission Voucher & File Order

704 Change or Cancellation of Reservation

705 Wiring Instructions

706 Post-Closing Submission Voucher & File Order

707 Reservation Worksheet

721 Condo Questionnaire

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CHFA HomeStretchsm

The CHFA HomeStretch Program offers a conventional Mortgage Loan with a forty (40) year fixed rate term for either the acquisition of a home or the rate and term refinance of an existing acquisition mortgage. Conventional insured Mortgage Loans will be insured with up-front lender paid mortgage insurance (LPMI). This program has income limits, but no purchase price limits. It is not restricted to first time homebuyers and is not subject to Recapture Tax.

Directive

Program Matrix

Income and purchase price limits

CHFA HomeStretch forms

Deeds of trust (200s)

205 Modification of Promissory Note and Deed of Trust

CHFA second mortgage loan documents (300s)

300A Second Mortgage Truth-in-Lending Disclosure Statement

300B Second Mortgage Truth-in-Lending Disclosure Statement

302 Good Faith Estimate, 11/07

305R Second Mortgage Loan Promissory Note

310R Second Mortgage Deed of Trust

CHFA administrative forms (700s)

700R HomeStretch Compliance Review Submission Voucher & File Order

701 Gross Household Income Computation Worksheet

703R Purchase Submission Voucher & File Order

704 Change or Cancellation of Reservation

705 Wiring Instructions

706 Post-Closing Submission Voucher & File Order

707 Reservation Worksheet

721 Condo Questionnaire

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FHASecure Refinance

All conventional loans (fixed or adjustable) are eligible for CHFA’s 30-year fixed interest rate FHASecure Refinance. This program does not have purchase price limits and it is not subject to Recapture Tax.

Mortgage loans must comply with current FHA maximum loan limits. Mortgage loan amount may include existing first lien, purchase money seconds, closing costs, prepaids, prepayment penalties, late charges, arrearages, (principal, interest, taxes and insurance) and junior liens more than 12 months old, provided there is sufficient equity.

Other subordinate financing is allowed, so long as the borrower qualifies for the payment.  In some instances, the subordinate financing will exceed FHA and CHFA’s maximum income limits. Please refer to the directive and matrix for more detailed information.

Program Matrix

Directive

FHASecure forms

Deeds of trust (200s)

205 Modification of Promissory Note and Deed of Trust

CHFA second mortgage loan documents (300s)

300A Second Mortgage Truth-in-Lending Disclosure Statement

300B Second Mortgage Truth-in-Lending Disclosure Statement

302 Good Faith Estimate

305 Second Mortgage Note

310 Second Mortgage Deed of Trust

CHFA administrative forms (700s)

700F Compliance Review Submission Voucher & File Order

701 Gross Household Income Computation Worksheet

703F Purchase Submission Voucher & File Order

704 Change or Cancellation of Reservation

705 Wiring Instructions

706 Post-Closing Submission Voucher & File Order

707 Reservation Worksheet

720F Loan Originator Statement

721 Condo Questionnaire

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HomeAccess Suite of Programs

First time homebuyers who are disabled or the parent(s) of disabled children may be eligible for HomeAccess and HomeAccess Plus. A first time homebuyer is defined by CHFA as one who has not had an ownership interest in a primary residence for the three years prior to the mortgage loan closing. First mortgage loans originated in these programs are subject to the recapture tax provision. They also have income and purchase price limits. Borrowers who have previously owned a home and are disabled or the parent(s) of disabled children may be eligible for the Taxable HomeAccess Program. This program is not subject to the recapture tax provision.

Income and purchase price limits

HomeAccess forms

Deeds of trust (200s)

205 Modification of Promissory Note and Deed of Trust

220 Tax Exempt Financing Rider – All Loan Types

CHFA second mortgage loan documents (300s)

301A Initial Truth-In-Lending Disclosure Statement

301B Final Truth-In-Lending Disclosure Statement

302H Good Faith Estimate 

305H Promissory Note

310H Deed of Trust

Affidavits and notices (400s)

401 Initial Applicant Affidavit

402 Final Applicant Affidavit

404 Seller Affidavit

407 Notice of Recapture Tax

CHFA administrative forms (700s)

700H Credit Review Submission Voucher & File Order

701 Gross Household Income Computation Worksheet

702A Pre-Funding Review Submission Voucher and File Order

702B Post-Funding Submission Voucher & File Order

704 Change or Cancellation of Reservation

705 Wiring Instructions

706H Post-Closing Submission Voucher and File Order  

707 Reservation Worksheet

709 First Payment Disclosure

715H Automatic Payment Authorization Agreement

716H HomeAccess Authorization for Release of Information

717H HomeAccess Contact Information

721 Condo Questionnaire

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Hardship Refinance

CHFA’s statewide Hardship Refinance program helps individuals facing foreclosure because of a temporary and unforeseen financial crisis. It provides a one time opportunity for qualifying borrowers to pay off their existing delinquent mortgage and establish a new 30-year, conventionally uninsured first mortgage.

Income and purchase price limits

Check List

Hardship Refinance forms

Notes (100s)

110 Buydown Agreement

Deeds of trust (200s)

205 Modification of Promissory Note and Deed of Trust

CHFA administrative forms (700s)

701 Gross Household Income Computation Worksheet

703 Purchase and Submission Voucher & File Order

704 Change or Cancellation of Reservation

705 Wiring Instructions

706 Post-Closing Submission Voucher & File Order

707 Reservation Worksheet

710 Hardship Eligibility Review

711 Sample Budget Worksheet

712 Credit Analysis Worksheet

721 Condo Questionnaire

Sample Counselor Letter

Program Matrix

Fact Sheet

HUD-approved Housing Counselors

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HAP for Homeownership (Section 8)

This pilot program offers first time homebuyers who are currently receiving tenant-based Section 8 Housing Assistance Payments (HAP) from a participating Public Housing Authority (PHA) the opportunity to become homeowners if the PHA is participating in HUD’s Housing Choice Voucher program. The monthly HAP assists qualified families with their homeownership expenses.

Income and Purchase Price Limits

HAP forms

Notes (100s)

110 Buydown Agreement

Deeds of trust (200s)

205 Modification of Promissory Note and Deed of Trust

220 Tax Exempt Financing Rider – All Loan Types

CHFA second mortgage loan documents (300s)

300A Second Mortgage Truth-in-Lending Disclosure Statement

300B Second Mortgage Truth-in-Lending Disclosure Statement

302 Good Faith Estimate

305 Second Mortgage Note

310 Second Mortgage Deed of Trust

Affidavits and notices (400s)

401 Initial Applicant Affidavit

402 Final Applicant Affidavit

404 Seller Affidavit

407 Notice of Recapture Tax

CHFA administrative forms (700s)

700 Compliance Review Submission Voucher & File Order

701 Gross Household Income Computation Worksheet

703 Purchase and Submission Voucher & File Order

704 Change or Cancellation of Reservation

705 Wiring Instructions

706 Post-Closing Submission Voucher & File Order

707 Reservation Worksheet

721 Condo Questionnaire

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Mortgage Credit Certificate (MCC)

Through this program, homeowners can take a 20% credit against their federal income tax liability and an 80% deduction for mortgage interest paid. There are purchase price and income limits depending in which county the certificate is issued.

Grand/Routt Counties

Grand: $860,000 available.

Routt: $1.1 million available.

Grand/Routt Directive

Document List

MCC-2: Initial Applicant and Lender Affidavit

MCC-3: Income Tax Affidavit

MCC-6: Seller Affidavit

MCC-7: Final Applicant and Lender Affidavit

MCC-9A: Compliance Approval Submission Voucher and File Order

MCC-9B: Final Certificate Submission Voucher And File Order

MCC-12: Gross Household Income Computation Worksheet

MCC-14: Notice Of Recapture Tax To Mortgage Loan Applicants

MCC-15: Reservation Worksheet

MCC-17: Change Or Cancellation Of Reservation

MCC-18: Lender Information

San Miguel County

$10 million  available.

San Miguel Directive

Document List

MCC-2: Initial Applicant and Lender Affidavit

MCC-3: Income Tax Affidavit

MCC-6: Seller Affidavit

MCC-7: Final Applicant and Lender Affidavit

MCC-9A: Compliance Approval Submission Voucher and File Order

MCC-9B: Final Certificate Submission Voucher And File Order

MCC-12: Gross Household Income Computation Worksheet

MCC-14: Notice Of Recapture Tax To Mortgage Loan Applicants

MCC-15: Reservation Worksheet

MCC-17: Change Or Cancellation Of Reservation

MCC-18: Lender Information

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Reissue Mortgage Credit Certificates (MCCs)

Designed to reissue Mortgage Credit Certificates (MCCs) to current MCC holders who refinance their original mortgage loan, this program allows holders to maintain their federal tax credit, as long as they reside in the home as their principal residence.

Directive

Program requirements

Lender Letter for IRS form 8329

MCC-19

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City of Boulder and CHFA Covenants Agreement

Agreement Regarding Affordable Housing Covenants (between CHFA and the City of Boulder)

Acknowledgement of Receipt of a Copy of Agreement

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