effective: changes to chfa conventional loan programs
The following changes are effective only for conventional locks
made as of today, August 19, 2019:
Please note that exceptions will not be made for locks made on or after August 19, 2019.
- CHFA Advantagesm is no longer available.
Income limits are capped as follows:
- CHFA Preferredsm and CHFA Preferred Plussm at 80% Area Median Income (AMI)
- CHFA Preferredsm Very Low Income Program (VLIP) remains at 50% AMI.
- AMI will be based upon the property’s county. Check
CHFA's Income Chart for details. This chart now shows all programs side by side. Ensure you are referencing the right program and county to determine the programmatic income limit.
- The CHFA DPA Grant is no longer available on CHFA Preferred Plus or CHFA Preferred VLIP
- CHFA no longer allows manually underwritten conventional loans.
Critically important to note: Under no circumstance will CHFA purchase a loan that has a new loan casefile ID for DU or LPA dated on or after September 5, 2019, that does not meet the above income requirement, as these loans may be undeliverable to Fannie Mae or Freddie Mac. Any such loan will not be purchased by CHFA and remains the responsibility of the Participating Lender.
Please contact us should you have questions.
CHFA Home Finance
303.297.7376 or 888.320.3688 Denver
970.241.2341 or 800.877.8450 Western Slope