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seller's guide
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Highlight of CHFA Seller’s Guide Changes
New and revised submission vouchers
All loan programs now require a separate submission voucher for second mortgages. All existing submission vouchers have been revised to reflect this change; revised vouchers also include changes associated with file preparation, plus clarification on certain required documents. Please utilize these new submission vouchers beginning January 1, 2012. New and revised submission vouchers are available on the
Programs and forms
page of CHFA's website and via CHFA HomeConnection.
Secure electronic file delivery now available for single family loan files
CHFA participating lenders now have the option of secure electronic delivery when submitting files for compliance review and purchase review. Training is required and available via webinar. Please visit the
Education
page on CHFA’s website for the schedule of e-delivery webinars.
New Credit Score Floor
Effective for Reservations made after January 1, 2012, CHFA’s Home Finance programs will no longer be available to borrowers with credit scores below 620. CHFA’s goal has been and continues to be to create a process which not only allows people to achieve homeownership, but provides them the education and resources to be successful homeowners. In today’s environment, CHFA believes it is in the interest of potential borrowers and our organization to serve borrowers who have achieved a credit score of 620 or higher.
CHFA will continue to accept Reservations for borrowers who have no credit score and require the use of alternative (non-traditional) credit reports. The CHFA RISC will remain a requirement for borrowers whose loans are manually underwritten for any reason and borrowers with credit scores from 620 through 659 where the DTI exceeds 43 percent.
Gross Annual Household Income - all tax free income including Social Security (SSI) or Social Security Disability (SSDI) for the Borrower or any other person who will reside in the home will be included in Gross Annual Household Income and shall not be grossed up
CHFA no longer offers the Hardship Refinance program
CHFA no longer purchases Conventional Uninsured Mortgage Loans.
MCC fee may be paid after closing with the Final Certificate submission.
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