chfa home finance enews

As you may be aware, on April 18, 2019, FHA issued Mortgagee Letter (ML) 19-06 in an attempt to clarify the documentation requirements for governmental entities providing down payment assistance in conjunction with FHA-insured single family mortgages. A

CHFA is in receipt of Mortgagee Letter (ML) 19-06: Down Payment Assistance and Operating in a Governmental Capacity. CHFA affirms it is operating in its governmental capacity when providing down payment assistance pursuant to the December 5, 2012, HUD I

With the recent drop in interest rates, it may be a good time to refinance your borrowers with CHFA. Borrowers do not need to currently have a CHFA loan to take advantage of our refinance programs (excluding CHFA FHA Streamline Refinance option*). Below a

Lender Basics (Loan Officers) In-person class, Denver • May 7 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please contact Jacob Lammert. CHFA Refresher (Loan Officers) Live web

Effective immediately, the Transfer of Servicer (TOS)/Transfer of Beneficiary (TOB) transfer must be completed within the MERS system using a transfer date within five (5) days of CHFA’s loan purchase. Important: Include both CHFA’s ORG ID of 1008017 an

form updates: new and improved chfa forms 401 and 402

As a reminder for locks made on or after the IRS tax filing deadline of April 15, 2019, the borrower’s 2018 tax returns are required. Full transcripts of the borrower’s tax returns are acceptable. Submission of 2017 tax returns or a filing extension in

Effective for locks made on or after April 1, 2019, the CHFA FirstStepsm programs will utilize the lower of the 2019 total maximum loan limit of $484,350 or the 2019 county loan limit determined by FHA. Income and purchase price limits have not changed.

Effective immediately: the following CHFA down payment (DPA) options are now available for new loans locked on or after April 1, 2019: CHFA DPA Grant Option • May not exceed 3 percent (previously 4 percent) of the CHFA First Mortgage Loan amount

Lender Basics (Loan Officers) In-person class, Denver • April 2 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please contact Elfriede Leicht. CHFA Refresher (Loan Officers) Live

Due to current market conditions, CHFA is making adjustments to its down payment assistance (DPA) options. The following CHFA DPA options will be available for new loans locked on or after April 1, 2019: CHFA DPA Grant Option • May not exceed 3 percent

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 program and process changes previously announced via eNews announcements, webinars, and prog

Locks made on or after the IRS tax filing deadline of April 15, 2019 will require the borrower’s 2018 tax returns. Full transcripts of the borrower’s tax returns are acceptable. Submission of 2017 tax returns or a filing extension in lieu of 2018 return

The total maximum loan limit for CHFA loan programs, excluding the CHFA FirstStepsm programs, is currently $484,350. The CHFA FirstStepsm programs continue to utilize the lower of the 2018 total maximum loan limit of $453,100 or 2018 loan limit determin

Lender Basics (Loan Officers) In-person class, Denver • March 5 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please contact Elfriede Leicht. CHFA Refresher (Loan Officers) Live

Due to current market conditions, CHFA is making adjustments to its down payment assistance (DPA) options. The following CHFA DPA options will be available for new loans locked on or after April 1, 2019: CHFA DPA Grant Option • May not exceed 3 percent

The CHFA HomeConnection system will be unavailable beginning at 6:00pm MT on Thursday, February 21, 2019, while the system undergoes maintenance. The system will be back up once the scheduled maintenance is complete, typically within an hour. Import

All CHFA staff will be participating in an offsite meeting on Friday, February 1, 2019. CHFA’s HomeConnectionsm system will remain operational, allowing lenders to lock new reservations and upload documents. Loan files due for review on February 1, 2019

If a Participating Lender would like to re-reserve a canceled Reservation, for the same Borrower and Property, the following options are available: 1. The Participating Lender may have the canceled Reservation reinstated. All terms including Interest Rate

Lender Basics (Loan Officers) In-person class, Denver • February 7 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please contact Shelley Ervin. CHFA Refresher (Loan Officers) Liv

If a Participating Lender would like to re-reserve a canceled reservation, on the same borrower and property, the following options are available: 1. The Participating Lender may have the canceled reservation reinstated. All terms including interest rate

CHFA will be installing a new server over the weekend of January 12-13, 2019. CHFA’s HomeConnectionsm system will not be available. New reservations and file submissions will not be allowed. Normal HomeConnection and business operations resume on Monday

Below is a list of 2019 holidays affecting CHFA Home Finance operations. On days when CHFA is closed, lenders will be able to submit documents; however, loan locks/reservations, processing of documents, file check-ins and reviews, and all other CHFA Home

The maximum CHFA loan limit for all mortgage loans is the lower of $453,100* or the amount determined by the applicable FHA, VA, USDA-RD, Fannie Mae, or Freddie Mac guidelines. Please note: The loan limit is based off of the total loan amount (which

Lender Basics (Loan Officers) In-person class, Denver • January 8 • 10:00am Learn about CHFA programsin thistwo hour class. Strongly recommended for loan officers. To register, please contact Jacob Lammert. CHFA Refresher (Loan Officers) Live webinar • Ja

Below is a list of upcoming holidays affecting CHFA Home Finance operations. Loan locks/reservations, processing of documents, file check-ins and reviews, and all other CHFA Home Finance operations will not be available when the office is closed. Lenders

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 purchase or refinance loan closed in 2018 and purchased by CHFA on or a

In honor of former President George H. W. Bush, financial markets will be closed on Wednesday, December 5, 2018. Despite the market closures, CHFA will be open and all business functions operational.

CHFA DPA Has Restrictions Most of CHFA’s programs offer some form of down payment assistance (DPA). Regardless of the DPA type (grant or second mortgage), it can only be used for the following purposes: down payment, closing costs, prepaids, and/or

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 purchase or refinance loan closed in 2018 and purchased by CHFA on or a

CHFA will be closed on Thursday, November 22, 2018, and Friday, November 23, 2018. Loan locks/reservations, processing of documents, file check-ins and reviews, and all other CHFA Home Finance operations will not be available. Lenders will have the abil

Lender Basics (Loan Officers) In-person class, Denver • December 4 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please contact Shelley Ervin. Lender Basics (Loan Officers) Live webinar •

CHFA updated its program checklists and forms detailed below. Please ensure that you are using the most current version, all of which can be found on CHFA’s website or in HomeConnection.

It’s extremely important to refer all borrowers to a CHFA-approved homebuyer education provider early in the process, especially during the holiday season. After December 22, 2018, there will be no in-person classes until the New Year. Additionally, the

A Certificate of Permanent Location for a Manufactured Home (Certificate of Permanent Location) or Affidavit of Real Property for a Manufactured Home (Affidavit of Real Property) is required by the state of Colorado when a borrower purchases a manufacture

Effective today, Monday, November 5, 2018, CHFA implemented the below changes for new reservations: • Statewide Income Limit (excluding CHFA FirstStepsm, CHFA Very Low Income Program (VLIP) and CHFA HomeAccesssm programs) • Elimination of CHFA HomeOpene

The following modifications have been made to the CHFA HomeConnectionsm system: Modifications Status Filter Feature A new filter feature will be displayed at the top of the reservation menu to help you find and lock a program. Active Product Selection Co

Effective Monday, November 5, 2018, CHFA will implement the below changes: • Statewide Income Limit (excluding CHFA FirstStepsm, CHFA Very Low Income Program (VLIP) and CHFA HomeAccesssm programs) • Elimination of CHFA HomeOpenersm programs • Eliminati

The following modifications will be made to the CHFA HomeConnectionsm system on Wednesday, October 31, 2018: Modifications Filter Feature A new filter feature will be displayed at the top of the reservation menu to help you find and lock a program. Produc

Lender Basics (Loan Officers) Live webinar • October 24 • 2:00pm Learn about CHFA Programs in this two hour class. Strongly recommended for loan officers. To register, please contact Pam Francil. CHFA Refresher (Loan Officers) Live webinar • Oc

FirstStep programs use Gross Annual Income, not Qualifying Income.* Only the individuals’ incomes listed below need to be calculated to determine Gross Annual Income and program eligibility: 1. The current total gross annual income for all borrower(s)

CHFA Home Finance staff will be participating in an offsite meeting on Friday, October 5, 2018. CHFA’s HomeConnectionsm system will remain operational, allowing lenders to make new reservations and upload documents. Loan files due for review on October

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 program and process changes previously announced via eNews announcements, webinars, and prog

If you've got a HomeConnection account, your loan status is at your fingertips. • Log in to HomeConnectionsm • Search using the borrower's name, Social Security Number, or CHFA Loan number • Check the status columns for status • Click on the "+" icon t

Lender Basics (Loan Officers) In-person class, Denver • October 2 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please contact Jacob Lammert. Lender Basics (Loan Officers) Live

CHFA now endorses two online homebuyer education platforms, eHome America and Framework. Borrowers must access these platforms through one of CHFA’s approved providers to meet the CHFA homebuyer education requirement. Borrowers cannot go directly throug

When communicating or submitting CHFA Form 704 or CHFA Form 707, please ensure you use the correct email address of chfaLockDesk@chfainfo.com. The CHFA Lock Desk will no longer receive forms sent to any other email address.

When: September 19, 2018 11:30am to 1:30pm Lunch is provided. Register today! Where: Grand Junction Housing Authority Multi-purpose room 8 Foresight Circle Grand Junction, CO 81505 • Learn how to pair down payment assistance with Freddie Mac HFA Ad

CHFA always strives to better understand the needs of its customers and partners. Please take a moment to help us by responding to a brief survey about CHFA’s customer service, products, and processes. The survey will remain open until August 31, 2018. Cl

Lender Basics (Loan Officers) In-person class, Denver • September 6, 2018 • 10:00am Learn about CHFA programs in this two hour class. Strongly recommended for loan officers. To register, please contact Jacob Lammert. Lender Basics (Loan Officers)