reminder - changes to chfa loan limit and borrower premium
As previously announced, effective for reservations on or after today, January 3, 2017, the maximum loan amount for CHFA loan programs will increase to $424,100.
New Maximum Loan Limit
Additionally, HomeConnectionsm has been updated with FHA’s new county loan limits. These changes are also effective for loans reserved on or after January 3, 2017.
Please keep in mind that CHFA’s loan limits do not supersede the loan limits for the particular program you are utilizing; in all cases, use the lower of either the CHFA loan limit or the applicable program loan limit for the jurisdiction in which the subject property is located.
Separate purchase price limits will continue to apply to the CHFA MCCsm and CHFA HomeAccesssm programs.
Elimination of 2 Percent Borrower Premium on Purchase As also previously announced, effective for reservations on or after today, January 3, 2017, CHFA will no longer offer a 2 percent Borrower Premium option for purchase loans. This change is only applicable to purchase loans; Borrower Premium options for CHFA refinance programs will remain the same.
Cobranded Flyers Updated with Program Changes All
Participating Lender cobranded flyersare updated with these recent program changes.
Please contact us with any questions, or for more information regarding this change.