how to get a chfa loan

Buying or refinancing a home doesn’t have to be overwhelming. Just follow these steps for getting a mortgage loan with CHFA. 

​​​​​​​​step 1: determine your credit score ​

The first step you should take is to determine your credit score, since it is an important qualification for mortgage loan programs. Credit scores can range from about 300 to 850.

There are three large national companies that provide most credit reports:

Most of our programs require a 620 minimum mid credit score; see our specific loan program information for more details.


step 2: decide how much you can afford

It's always smart to understand how much you can realistically afford for a monthly mortgage payment before you start looking for homes. Using our mortgage calculator​ helps you look at the whole picture: upfront costs, down payment, and monthly payments.​  

Once you have an idea of the true cost, determine your available funds. Do you have enough money saved for a down payment and closing costs? If not, CHFA can help—many of our loan programs only require a 3 percent down payment. Use our CHFA Down Payment Assistance Grant (CHFA DPA Grant)​ or zero-percent second mortgage loans to help cover your down payment and closing costs.


step 3: take a homebuyer education ​course

addition​al ​​​Res​​​ources

​​The best way to make informed decisions about buying and owning a home is to be educated. We sponsor homebuyer education classes across the state and online to help you learn the ins-and-outs of homebuying and homeownership. We require all borrowers using one of our mortgage loans to take a CHFA-approved homebuyer education class before closing on their loan or a CHFA MCC.

View our list of CHFA-approved education providers​ on our website and check the schedule to find a class date convenient for you. 

step 4: figure out what type of loan you need

Once you are informed about the variety of programs available, it's time to see what programs might work for you. Some questions to ask to narrow your decision are: Are you purchasing a home or refinancing? Are you a veteran? Do you live in a rural area? No matter your needs, we have you covered!​

step 5: contact a chfa participating lender

Contact a CHFA Participating Lender​ in your area to apply for a loan. The lender will look at your monthly income, credit history, and debt level to confirm how much you may qualify for. He or she will also recommend the best CHFA mortgage program for your needs.

step 6: become a CHFA homeowner 

Once you have purchased your home, the adventure begins! You can relax knowing that you have an extremely knowledgeable team just a phone call away. Our Loan Servicing Team will help you successfully manage your CHFA home mortgage loan account and answer any questions you have.

​​​want more homebuying tips?​

Subscribe to our Your Road ​Home eNewsletter for more tips on how to become a successful homebuyer.​


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