chfa advantage


​ Are you buying or refinancing a home? It's easy as 1-2-3 with CHFA Advantagesm!​

​​​​​​​​​​​​​​If you have a  minimum mid credit score of 680, you may qualify to purchase or refinance with a 30-year fixed rate mortgage requiring only 3 percent down and no mortgage insurance. Typically, borrowers will need to contribute 20 percent down to avoid paying for costly mortgage insurance (MI).​ Eligible homebuyers may also be able to increase their savings with a CHFA Mortgage Credit Certificate (CHFA MCC).

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hfa advantage qualifications


Home purchase loan applicants must meet the following minimum criteria*:

  • Complete a CHFA-approved homebuyer education class 
  • Have a mid credit score of 680 
  • Contribute a 3 percent down payment (may be a gift)
  • Meet incom​e limits​​
* In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting
  ​ guidelines determined by your CHFA Participating Lender.


​refinancing? 

R​efinancing applicants must meet the following minimum criteria*:​ 

  • Meet income lim​its​​​ 
  • Have a mid credit score of 680
  • Have a 3 percent equity contribution​ 
* In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting
   guidelines determined by your CHFA 
Participating Lender.
Find a CHFA Participating Lender

​contact

Contact a CHFA Partic​ipating Lender ​to get started on your road​ home.
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