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