chfa preferred very low income program (VLIP)

  • 30-year term purchase and refinance program 
  • Conventional loan - Freddie Mac “Home Possible Advantage for HFAs” 
  • Lower income limits than CHFA Preferredsm 
  • Mid credit score of 620 or higher required 
  • 3 percent down payment or equity required (may be gift) 
  • Down payment assistance available for purchase 
  • Lower monthly mortgage insurance payments 
  • Not subject to Recapture Tax