chfa sectioneight homeownership qualifications
Applicants must meet the following minimum criteria*:
Have received tenant-based Section 8 rental vouchers for at least one year prior to application
Meet HUD’s and CHFA’s first time homebuyer requirement**
Meet HUD’s minimum income requirements
Meet CHFA’s maximum
Complete a CHFA homebuyer education class (online or in-person) prior to signing a purchase contract
Have a mid credit score of 620 or higher
* 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.
**A first time homebuyer is defined by CHFA as one who has not had an ownership interest in a primary residence for the three years prior to the mortgage loan closing.