chfa preferred

​Whether you are looking to purchase or refinance a home, CHFA Preferred will allow you to benefit from lower mortgage insurance on a conventional loan, and requires only a 3 percent down payment or equity contribution. If you are refinancing, you can even use some of your equity to pay off a second mortgage used to buy your home. And with CHFA Preferred, you have the option to pay all of your mortgage insurance upfront, reducing your monthly mortgage payment.

The CHFA Preferred purchase loan may be paired with CHFA's down payment and closing cost assistance programs.

​​​​​​unique benefits

  • Only 3 percent down payment or equity required* (may be gift funds)
  • An optional CHFA Down Payment Assistance Grant (CHFA DPA Grant) or zero-percent second mortgage loan to help cover your down payment and/or closing costs.
  • Closing cost assistance through Borrower Premiums for 1 or 2 percent of your first mortgage loan amount. Higher interest rates apply.
  • Reduced-cost mortgage insurance 
  • The possibility to cancel your monthly mortgage insurance payments once you reach 80 percent loan-to-value
* The term of the loan is 30 years.


Applicants must meet the following minimum criteria*:

  • You must have a mid credit score of 620 or higher
  • Your total borrower income must be within the limits​​​
  • For purchase loans only, additional qualifications include: 
      • You must complete a CHFA-approved homebuyer education class prior to loan closing
      • You must contribute a minimum of $1,000 toward the transaction

* In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting guidelines as determined by your CHFA Participating Lender.

down payment assistance​

CHFA Preferred Plu​​s has the same features as the CHFA Preferred program and offers a ​CHFA Down Payment Assistance Grant (CHFA DPA Grant) or zero-percent second mortgage loan to help with down payment and/or closing costs. The DPA Grant and CHFA Second Mortgage Loan does not apply to CHFA Preferred refinances. 

Find a CHFA Participating Lender


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