Seller's Guide Changes
We’ve recently made some updates to the CHFA Seller’s Guide. Changes of note include:
- Further information regarding annual renewal of CHFA Participating Lender approval, including the introduction of a $500 annual renewal fee (see Chapter 1, Section 103.A);
- Permissibility of obtaining a mortgage-only credit report in lieu of a payment-history report for CHFA FHA Streamline Refinance loans (see Chapter 5, Section 502.B.6);
- Provision of CHFA’s MERS OrgID number (see Chapter 6, Section 601.F); and
- Other minor technical corrections.
Payment of Property Taxes
As we start a new calendar year, please ensure that your company is complying with CHFA’s requirements for payment of property taxes. These requirements are as follows:
If you have questions or need assistance with any of these items, please contact us.
- For any loan closed after January 1, 2017, all required 2016 property taxes must be paid at the time of closing;
- For any loan closed in 2016 and purchased after January 27, 2017, Participating Lenders are responsible at a minimum for the payment of the first half of required 2016 property taxes.
CHFA will require proof of such payment prior to purchase.