chfa home finance enews

CHFA is pleased to announce the publication of a revised and updated CHFA Seller’s Guide. This version is a comprehensive update of the guide and incorporates all CHFA program and process changes previously announced via CHFA eNews announcements, webinars

Income Limits CHFA has updated income limits for its SmartStep, FirstStep, SectionEight Homeownership, and HomeAccess Programs. The new income limits are only effective for new loan locks made on or after May 1, 2021. Please note, the income limits for

Lender Basics (Loan Officers) Live webinar • May 4 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers.  To register, please click here. Lender Basics (Loan Officers) Live webinar • May 20 • 2:00pm Learn

Did you know that CHFA has an Ambassador Toolkit for real estate professionals? It’s full of informational flyers and consumer tools such as a fillable spending plan. And, we’ve recently added a new resource for your use. Check it out! We’ve heard selle

CHFA does not always require tax returns; read important reminders below for details. However, when tax returns are required, CHFA will require a 2020 tax return for loans locked on or after May 17, 2021. A full transcript or the complete tax return is ac

chfa home finance upcoming trainings Lender Basics (Loan Officers) Live webinar • April 6 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please clic

Up until now, only traditional homes and newly constructed manufactured houses have been eligible for financing through Rural Development’s (RD) Section 502 Guaranteed Loan Program. CHFA is pleased to announce, given Colorado’s approval to participate, C

We are pleased with the success of the Lock to Purchase process and have greatly appreciated your acceptance of this operational efficiency. Let’s remember, CHFA FirstStepsm Mortgage Loans still require a CHFA program compliance review prior to closing t

CHFA would like to remind you of three important changes to forms we will require in March 2021. March 1, 2021: 1. Lenders must use the redesigned Uniform Residential Loan Application (URLA) for all loan applications started on or after March 1, 2021.

Please ship only those original recorded documents, never copies, outlined on the applicable CHFA Program Purchase Review Submission Checklist found on the Programs, Forms, and Matrices webpage. Required documents should be mailed to CHFA’s offices at 198

The below policy is effective for CHFA Locks made on or after March 1, 2021: CHFA Locks in “Reserved” status will automatically be canceled and a possible fee assessed unless one of the following actions has taken place prior to the Lock’s Expiration

Please use CHFA-specific documents when required. For example, you must use CHFA Form 305, CHFA Second Mortgage Loan Promissory Note, and CHFA Form 310, CHFA Second Mortgage Deed of Trust, when originating a CHFA Second Mortgage Loan in conjunction with a

All CHFA staff will be participating in a meeting on Friday, February 12, 2021. CHFA’s HomeConnectionsm system will remain operational, allowing lenders to lock new loans and upload documents. CHFA will work to accommodate file reviews due out on Februa

CHFA would like to thank all our Participating Lenders for their continued support and dedication to Colorado homebuyers, especially in such a challenging year. With the help of our 119 Participating Lenders, CHFA was able to help 10,483 households

CHFA is pleased to present a new way for homebuyers to search for a CHFA-approved online homebuyer education class. Simply visit chfainfo.ehomeamerica.org and follow the prompts to register for a class. We hope this makes finding a CHFA-approved

Lender Basics (Loan Officers) Live webinar • February 17 • 2:00pm Learn about CHFA programs in this two hour class. Strongly recommended for loan officers.  To register, please click here. Lender Basics (Loan Officers) Live webinar • March 18 • 2:00pm

It has come to CHFA’s attention that some of its homeownership customers are being targeted in a phone scam. Customers are receiving calls that appear to be from CHFA according to Caller ID and being offered lower monthly mortgage payments. The caller tel

It was recently announced that effective January 19, 2021, the Federal Housing Administration (FHA) is permitting individuals classified under the “Deferred Action for Childhood Arrivals” program (DACA) with the U.S. Citizenship & Immigration Service (USC

MERS® System Registration Many lenders are not meeting the MERS® System Registration requirement. The Transfer of Servicer (TOS)/Transfer of Beneficiary (TOB) must be completed within the MERS System using a transfer date within five (5) days of CHFA’s l

CHFA Homeowner is a quarterly newsletter created for CHFA homeownership customers that includes timely tips and information about financial fitness, home maintenance, consumer topics, and more. CHFA Homeowner is now archived on the CHFA

CHFA is ready to accept IRS Form 4506-C. IRS Form 4506-C is a form that can be utilized by authorized IRS Income Verification Express Service (IVES) participants to order tax transcripts electronically with the consent of the taxpayer. CHFA relies on it

Below is a list of 2021 holidays affecting CHFA Home Finance operations. On days when CHFA is closed, lenders will be able to submit documents; however, loan locks, processing of documents, file check-ins and reviews, and all other CHFA Home Finance

As of January 1, 2021, CHFA will no longer accept Framework as an online homebuyer education platform. • CHFA will accept certificates from individuals who completed the Framework online course via one of our homebuyer education providers on or before

Effective for locks made on or after January 4, 2021, use the lower of $548,250 or the applicable program loan limit determined by FHA, VA, USDA-RD, Fannie Mae, or Freddie Mac®. The loan limit includes financed MI, MIP, VA Funding Fee, USDA-RD Guarantee

Lender Basics (Loan Officers) Live webinar • January 20 • 2:00pm Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please click here. CHFA Guidelines Training for Processors and Un

Staff Appreciation – This Friday CHFA Home Finance staff will be conducting staff appreciation starting at noon on Friday, December 18, 2020. CHFA’s HomeConnectionsm system will remain operational, allowing lenders to lock new reservations and upload

In March of 2020, CHFA launched our Spanish-language homeownership microsite, Mi Hogarsm. This website offers the resources and information to help your customers on their way to successful homeownership—again, all in Spanish! We’ve also included testimon

Without a CHFA program compliance review on CHFA SmartStepsm, CHFA Preferredsm, and CHFA Preferredsm Very Low Income Program (VLIP) mortgage loan programs, getting to the closing table and having your loan purchased should be faster than ever.

CHFA is ready to accept the redesigned Uniform Residential Loan Application (URLA) for loan applications from lenders approved by Fannie Mae and/or Freddie Mac® to participate in the URLA Limited Production Period. CHFA will be ready to accept the redes

Reminder: The Transfer of Servicer (TOS)/Transfer of Beneficiary (TOB) must be completed within the MERS system using a transfer date within five (5) days of CHFA’s loan purchase. Important: Include both ORG IDs below: • CHFA: 1008017 • DMI (sub-ser

Lender Basics (Loan Officers) Live webinar • December 9 • 2:00pm Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please click here. CHFA Lock to Purchase Process for Processors

CHFA will be closed on Thursday, November 26, 2020, and Friday, November 27, 2020. Locks, processing of documents, file check-ins and reviews, and all other CHFA Home Finance operations will not be available. Lenders will have the ability to upload

CHFA is offering a few refresher webinars on the Lock to Purchase process to help. In this refresher, you’ll learn about: • Lock to Purchase Process • Data Validation • Lender Self-service • Common Errors Click on a link below to register: • Today!

CHFA will now accept electronic signatures on CHFA Form 770, Condo Project Approval Certification, and CHFA Form 780, Affordable Housing Restrictions Approval Certification. Important: Electronic signatures must be obtained in compliance with all applic

Time is money. And those top performers in our industry who earn the most money know how to plan and manage their time better than everyone else. Join CHFA, hosting Essent MI and Doug Smith, as they present this fast-paced and idea-packed webinar that i

In honor of Veterans Day, CHFA's offices will be closed on Wednesday, November 11, 2020. New locks will not be accepted, loan files will not be reviewed, and loans will not be purchased. CHFA’s Document Delivery and HomeConnectionsm systems will

Important: Closing at the wrong interest rate may make a loan unpurchaseable by CHFA. Selling the loan with the added layer of a CHFA DPA Grant or a CHFA DPA Second Mortgage Loan to another investor will likely be challenging. As such, it’s important to

As the new calendar year approaches, please ensure that your company is complying with CHFA’s requirements for payment of property taxes. These requirements are as follows: • For any loan closed in 2020 and purchased by CHFA on or after January 22, 2021,

Time is money. And those top performers in our industry who earn the most money know how to plan and manage their time better than everyone else. Join CHFA, hosting Essent MI and Doug Smith, as they present this fast-paced and idea-packed webinar that

avoiding and clearing suspense conditions

Lender Basics (Loan Officers) Live webinar • November 10 • 2:00pm Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please click here. Lender Basics (Loan Officers) Live webinar • December 9

The Lock to Purchase process is well underway and CHFA Preferredsm and CHFA SmartStepsm Mortgage Loans are being submitted for purchase. Here are some tips to help ensure a timely purchase: 1. Checklists: Follow the applicable Purchase Review Submission

With the new self-service features in HomeConnection, lenders can lock a loan for a past or current CHFA borrower. However, please keep in mind: • A borrower may only have one active CHFA mortgage loan at a time. • Any previous CHFA mortgage loans mus

Submission Transmittal Letters are Helpful We know that business is booming – and happy to hear it! With the level of production we are all experiencing, please ensure you provide a transmittal letter or applicable cover sheet stating the following when

With the Lock to Purchase process on CHFA Preferred and CHFA SmartStep mortgage loans, CHFA provides lenders with the ability to disable a Lock from being altered. We know this is especially important after the underwriter has provided their approval. Tha

CHFA Refresher (Loan Officers) Live webinar • October 13 • 2:00pm If you have previously taken the Lender Basics class and would like to refresh your CHFA knowledge. To register, please click here. Lender Basics (Loan Officers) Live webinar •

The top suspense or denial factor for CHFA FirstStepsm mortgage loans is income. Important: You need to use different income calculations to determine program eligibility and loan eligibility. Let’s break it down.

The Lock to Purchase process is underway. Still unclear which review path your Lock should follow? The key factor is your Lock date. Locks Prior to September 1, 2020: Continue down the customary review path. Lenders should submit a CHFA Program Compli

CHFA strives to make doing business with us efficient and easy. We have made several enhancements to HomeConnectionsm putting you in control of managing your pipeline. While a Lock is in "Reserved" status, Lenders can change or update the following; simpl

CHFA is aware that lenders are experiencing issues utilizing the document delivery system within HomeConnectionsm. CHFA is actively working on a resolution and appreciates your patience as we resolve this issue. Please contact us with any questions.