chfa preferred very low income program (VLIP) program highlights: 30-year fixed rate Freddie Mac “Home Possible Advantage for HFAs” purchase and refinance loans only (97% LTV/ 105% CLTV) CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids Lower income limits apply (see income limits below) Program eligibility is subject to lender’s loan qualifying income calculation Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted Charter level PMI coverage capped at 18% (CHFA-approved PMI providers) See matrix below for further details Return to list of All Loan Programs informational documents CHFA Preferred Very Low Income Program (VLIP) MatrixCHFA Seller's GuideCHFA Home Finance Program Comparison CardCHFA Income Limits VLIP (CHFA Advantage, CHFA Preferred, and CHFA Preferred Plus) - For Locks made prior to August 19, 2019CHFA Income Limits - For Locks made on or after August 19, 2019 applicable forms CHFA Form 205: Modification of Note and Deed of TrustCHFA Form 230M: Non-MERS AssignmentCHFA Form 305: CHFA Second Mortgage NoteCHFA Form 310: CHFA Second Mortgage Deed of TrustCHFA Form 355A: Second Mortgage Good Faith Estimate (non-amortizing)CHFA Form 355B: Second Mortgage HUD 1A Settlement Statement (non-amortizing)CHFA Form 375: Second Mortgage Documents InstructionsCHFA Form 376: Second Mortgage Loan EstimateCHFA Form 377: CHFA Second Mortgage Closing DisclosureCHFA Form 704: Change or Cancellation of LockCHFA Form 707: Lock WorksheetCHFA Form 727: CHFA Preferred Purchase and Refinance Program Compliance Review Submission ChecklistCHFA Form 728: CHFA Preferred Purchase and Refinance Purchase Review Submission ChecklistCHFA Form 738: Post Closing Review Submission ChecklistCHFA Form 746-2nd: CHFA Second Mortgage Program Compliance Review Submission ChecklistCHFA Form 747-2nd: CHFA Second Mortgage Purchase Review Submission ChecklistCHFA Form 770: Condo Project Approval Certification (Conventional Loans only)CHFA Form 780: Housing Restrictions Approval Certification
