chfa preferred/preferred plus


​With CHFA Preferredsm, your customers could save money up-front and throughout the life of their loan with a lower down payment requirement and lower monthly mortgage insurance payments than similar programs in the market.

Utilize CHFA’s optional CHFA Down Payment Assistance Grant (CHFA DPA Grant) to help with down payment, closing costs, and/or prepaids.

​​​​​​​​unique benefits

  • Conventional loan
  • Only 3 percent down payment requirement* (similar conventional programs require 5 percent) 
  • An optional CHFA DPA Grant to cover the down payment requirement 
  • 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.

qualifications**

​Applicants must meet the following minimum criteria:

  • Have a mid credit score of 620 or higher 
  • Meet income limits 
  • Complete a CHFA-approved homebuyer education class prior to loan closing 
  • Contribute a minimum of $1,000 toward the purchase of the home
  • Borrower may be subject to CHFA RISC

** In addition to qualifying for the CHFA program guidelines, the borrower(s) must also qualify according to the first mortgage
    underwriting and applicable mortgage insurance guidelines as determined by Lender.

approved private mortgage insurance companies


​contact​​

CHFA Home Finance​​ are ready to answer any questions you may have regarding a loan program or the status of your loan file.​
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