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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