unexpected options: now accepting qualifying income
That's right! You no longer have to calculate different income for most CHFA programs. We have moved to the industry-acceptable qualifying income calculation. The following programs use qualifying income:
Millennials comprised 57% of our 2015 borrowers.
Government and conventional products
No first time homebuyer requirement for most programs
97% LTV conventional loans - Freddie Mac® too!
Lower MI products
No MI products
No rate adjustment on conventional condo loans
CHFA DPA Grant - up to 3% of total first loan
Borrower Premiums - up to 2% of total first loan for closing costs
No purchase price limits on most programs
Refi programs available
- CHFA SmartStepsm and SmartStep Plussm
- CHFA HomeOpenersm and HomeOpener Plussm
- CHFA Advantagesm and Advantage Refinance
- CHFA Preferredsm, Preferred Plussm, and Preferred Refinance
For these programs, CHFA will defer to the income calculation requirements of the underlying loan program (Fannie Mae, FHA, VA, RD).
For more information, please watch the “Calculating Borrower Qualifying Income for CHFA Loans” video on our
chfa is faster than ever: one-day turn times
guaranteed one-day turn time on compliance reviews means you can help more customers in less time! We have changed our processes, and have allocated more staff to work for you to ensure your files are completed in record time.
CHFA could save the deal if your borrower gets involved in a multiple offer situation.
- Price gets bid up, and the appraisal come in below offered price.
- Borrower now has to use their own funds (intended for down payment) to pay the difference between appraised value and agreed-upon purchase price.
- List Price $250,000
- Winning Offer $261,000
- Appraisal $252,000
- Borrower's Funds $12,000
Borrower must now use $9,000 of their own funds to pay difference between appraised value and agreed-upon purchase price—what do they do?
Answer: Use CHFA DPA Grant (up to 3 percent of loan amount) and Borrower Premium for up to 2 percent for closing costs. Go to closing on time!