CHFA SmartStep Plus includes a 30 year fixed rate second mortgage loan to assist with down payment and/or closing costs. ⢠All documents with a red asterisk are required. Section 307: CHFA SmartStepsm and CHFA Smartstep Plussm 34 Section 308: CHFA HomeAccesssm and HomeAccess Plussm 34 Section 309: CHFA Sectioneightsm Homeownership and 36 SectionEightsm Homeownership Plus chapter 4 locking loans Section 400: General Lock Information 40 Section 401: Interest Rates 40 Section 402: Making a Lock ⦠CHFA SmartStep Plus. Additionally, all other documentation that is ⦠Income limits do apply ⦠how you qualify* To qualify for either program: t you must be a ï¬rst time homebuyer**, a non-ï¬rst time homebuyer in a ⦠You can use CHFA Preferred without down payment assistance or use the CHFA Preferred Plus which provides down payment assistance in the form of a second mortgage. However, please keep in mind: A borrower may only have one active CHFA mortgage loan at a time. CF30CHFAPPS - CONF FIXED 30YR CHFA PREFERRED PLUS W/SECOND. CHFA SmartStep. CHFA Form 792-2nd 09/20.v1 CHFA Home Finance, 1981 Blake Street, Denver CO 80202 Colorado Housing and Finance Authority www.chfainfo.com CHFA SmartStep Plussm CHFA Preferred Plussm Second Mortgage Programs Consolidated Review Submission Checklist Submission Tips ⢠Please use CHFAâs Document Delivery System in CHFA ⦠CHFA is excited to announce that they are changing how they offer down payment assistance (DPA). CHFA Preferred smCHFA Preferred Plus CHFA SmartStep CHFA SmartStep Plussm CHFA FirstStepsm CHFA FirstStep Plus CHFA DPA None Second only None Grant or Second None Second only LTV/CLTV 97/105 FHA, VA, USDA-RD guidelines FHA guidelines Loan Type Conventional FHA, VA, USDA-RD FHA only Mortgage Insurance PMI required if LTV > 80 ⦠CHFA Smartstep. ¿¢k½¦kýz£ÿ"ï¼øWJãÃ¥(ãÓZzþd,~(gDïg'6׫?+Iµ,¶ß%)ÄGið¦ØJtâDq!KîîeM'¯RG«(¾É?7?^nV/ß ¾ô B-á"à`q+z,Öl n0'1~é®s#öt`O%öôQö°4~º.«$}"¥´DÏwY3Èt§;5LB=d'a´@Û%q[Þ>×Ù¼¡ÔÐßH. Please turn on JavaScript and try again. Any previous CHFA mortgage loans must be paid in full otherwise CHFA ⦠None None Grant or Second None Grant or Second None Second only. Receive up to 4.0% of your 1st Mortgage ** Example: Receive up to $8,000.00 on a $200,000.00 mortgage Repayment of loan balance deferred until certain events, such as payoff of your 1st mortgage, or the sale or refinance of the home. CHFA FirstStep. CHFA FirstStep Plus: 1st mortgage with a DPA 2nd. Government-insured loans can offer buyers better loan ⦠chfa smartstep plus,document about chfa smartstep plus,download an entire chfa smartstep plus document onto your computer. ©
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The Colorado Housing and Finance Authority (CHFA) offers the program to eligible borrowers who need assistance with paying the high upfront costs of buying a house. Zero-percent silent second, no monthly payments required, no accrued interest. To qualify borrowers must have a mid credit score of 620 or higher, meet certain income limits, attend a homebuyer class and contribute at least $1,000 to the purchase of the home. The CFHA Military Mortgage Option: There is an additional 0.125% off already below-market ⦠None PMI required if ⦠CHFA FirstStepsm and FirstStep Plussm effective March 2, 2020 key features Term 30-year term Loan Purpose/Type Purchase FHA [no FHA 203(k)] Interest Rate Fixed interest rate Optional CHFA Second Mortgage/ FirstStep Plus Second mortgage for up to 4% of first mortgage loan amount. 1. SmartStep Plus combines the mortgage with a grant or second mortgage to provide down payment and closing cost assistance. Borrowers must meet income and purchase price limits, as well as complete a CHFA approved first time homebuyer education class. ⦠CHFA Second Mortgage. ⢠All documents with a red asterisk are required. The CHFA Grant: is ⦠Del Norte Neighborhood Development Corporation is a down payment assistance program. Mortgage Calculators. Saved by The Mortgage Company. Not limited to FTHBs. Credit restrictions and income limits may apply, so be sure to refer to the CHFA website for current eligibility requirements and application details. payoffs, transfers, servicing information, 30-year fixed rate FHA, VA, USDA-RD purchase loans only, CHFA DPA Grant or CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids, Income limits apply (see income and purchase price limits below), Program eligibility is subject to lenderâs loan qualifying income calculation, Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted, CHFA Home Finance Program Comparison Card, CHFA SmartStep and SmartStep Plus Program Matrix, CHFA Form 205: Modification of Note and Deed of Trust, CHFA Form 310: CHFA Second Mortgage Deed of Trust, CHFA Form 355A: Second Mortgage Good Faith Estimate (non-amortizing), CHFA Form 355B: Second Mortgage HUD 1A Settlement Statement (non-amortizing), CHFA Form 375: Second Mortgage Documents Instructions, CHFA Form 376: Second Mortgage Loan Estimate, CHFA Form 377: CHFA Second Mortgage Closing Disclosure, CHFA Form 704: Change or Cancellation of Lock, CHFA Form 738: Post Closing Review Submission Checklist, CHFA Form 746-2nd: CHFA Second Mortgage Program Compliance Review Submission Checklist, CHFA Form 747-2nd: CHFA Second Mortgage Purchase Review Submission Checklist, CHFA Form 780: Affordable Housing Restrictions Approval Certification, CHFA Form 792: CHFA SmartStep Lock to Purchase Review Submission Checklist, CHFA Form 792-2nd: CHFA Second Mortgage Lock to Purchase Review Submission Checklist. Lender Must Use GUS For USDA-RD Loans). Zero-percent silent second, no monthly payments required, no accrued interest. Minimum down payments are the lesser of $3,000 or 3% of the homeâs purchase price. FF30CHFASPPS - FHA FIXED 30YR CHFA SMARTSTEP PLUS W/SECOND FF30CHFAFSP â FHA FIXED 30YR CHFA FIRSTSTEP PLUS W/SECONDCHFAZPS â CHFA ZERO-PERCENT SECOND Loan Type Property Type Occupancy Purpose Max Sales Price Max Loan Max LTV/CLTV Min FICO Score Max DTI Ratio Max Assistance CONV 1 Unit / Condos / PUDS/ ⦠CHFA SmartStep / CHFA SmartStep Plus. The CHFA 2nd mortgage: Deferred payments and is up to 4% of the total loan amount at 0% interest. ⢠CHFA Allows Manually Underwritten Loans For Borrowers With No Credit Score Or Scored Borrowers Receiving A âRefer.â ⢠⦠Program Matrix - CHFA SmartStep Plus Program AUS/Manual Underwriting CHFA Accepts DU, LPA Or GUS. FHA Requirements. CHFA Form 310: CHFA Second ⦠sm . Mortgage Insurance . CHFA Form 110: Buydown Agreement. Similar to the FirstStep program, approved borrowers may apply for the SmartStep Plus program, which provides down payment assistance in the form of a second mortgage. CHFA Form 230M: Non-MERS Assignment . It looks like your browser does not have JavaScript enabled. CHFA Form 205: Modification of Note and Deed of Trust. 97/105 (minimum 80.01) 97/105 FHA, VA, USDA-RD guidelines FHA guidelines. CHFA SmartStep and SmartStep Plus: These CHFA loans are provided to veterans, first-time home buyers, and non-first time buyers alike. The second mortgage is for 4% of the first mortgage amount and has no monthly payments and 0% interest. May be used for down payment, closing costs and pre-paids. sm. chfa smartstep and smartstep plus. Second must be paid in full upon sale, refinance, or if property is no longer the borrowerâs ⦠The following down payment assistance programs may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property. CHFA Form 305: CHFA Second Mortgage Note. The Metro Mortgage Assistance Plus ⦠The CHFA Smartstep Colorado home loan program gives potential homeowners access to the CHFAâs lowest interest rates. Home. VA mortgages are included in the list of eligible government-backed loan programs available via CHFA SmartStep/SmartStep Plus. Grant and 2nd may not be combined. Optional CHFA DPA Grant or Second Mortgage/ SmartStep Plus Non-repayable grant available for up to 3% of the first mortgage loan amount, or second mortgage for up to 4% of first mortgage loan amount. Continue the Savings with a CHFA Loan Program CHFA Preferred sm CHFA ⦠FF30CHFASPPS - FHA FIXED 30YR CHFA SMARTSTEP PLUS W/SECOND: Special Alerts/Comments: With the new self-service features in HomeConnection, lenders can lock a loan for a past or current CHFA borrower. Cons: Higher interest rates then traditional FHA or conventional financing. AUS Type Utilized Must Correspond To The Specific Program Selected When Loan Locked (i.e. FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. FHA Loan Guidelines; FHA Loan Limits MIP Information FHA Closing Costs. It is up to the ⦠CHFA SmartStep Plus: 1st mortgage with a Grant or a 2nd. FHA ⦠2021 FHA Loan Limits. However, please keep in mind: A borrower may only have one active CHFA mortgage loan at a time. CHFA SmartStep Plus: 1st mortgage with a Grant or a 2nd. December. A qualified veteran may be ⦠2020. Eligibility Requirements To be eligible for the FirstStep Plus program, borrowers must be first-time homebuyers, that is persons who have had no ownership interest in a principal residence during the previous three years. On 25th December 2020 By . LTV/CLTV. Limited to FTHBs. CHFA SmartStep Plussm CHFA Preferred Plussm CHFA FirstStep Plussm Second Mortgage Programs Compliance Review Submission Checklist Submission Tips ⢠Please use CHFAâs Document Delivery System in CHFA HomeConnectionsm for all new submissions. CHFA Smartstep Plus, Preferred Plus, and HomeOpener Plus can be in the form of a grant that does not have to be paid back upon sale or refinance of the property at a later date. The second mortgage must be paid in full upon sale or refinance, or if the property is no longer the borrowerâs primary residence. CHFA Down Payment Assistance Second Mortgage Loan: Up to 4% of your first mortgage loan amount Repayment deferred until certain events, such as payoff of first mortgage loan, sale or refinance of your home, or if the home is no longer owner-occupied The CHFA DPA Grants will be: non-repayable, be in an amount of 3% of the first mortgage loan, and; assist with down payment, closing costs, and/or pre-paids. CHFA SmartStep/SmartStep Plus. Conventional FHA, VA, USDA-RD FHA only. Del Norte. means a loan made, insured, purchased, subsidized or guaranteed by the Connecticut Housing Finance Authority; Applicants must prove that they have sufficient income to pay both loans but donât have the required savings to afford a down payment and/or the closing costs on the home. CHFA DPA . May be used for down payment, closing costs and pre-paids. Metro Mortgage Assistance Plus Program. Just pay it off when you sell, refinance or reach a $0 balance. Additionally, all other documentation that is ⦠chfa loan products. Limited to FTHBs. 0000015890 00000 n March 20, 2019. Special Alerts/Comments: With the new self-service features in HomeConnection, lenders can lock a loan for a past or current CHFA borrower. This program offers government-insured, 30-year, fixed-interest-rate mortgages either as FHA, FHA 203(k), VA or USDA Rural Development loans. CHFA SmartStepsm CHFA SmartStep Plussm CHFA FirstStepsm CHFA FirstStep Plussm CHFA DPA None None Grant or Second None Grant or Second None Second only LTV/CLTV 97/105 (minimum 80.01) 97/105 FHA, VA, USDA-RD guidelines FHA guidelines Loan Type Conventional FHA, VA, USDA-RD FHA only Mortgage Insurance None PMI required if LTV > ⦠To obtain the most current income limits, visit the CHFA website here. These applicants can apply for FirstStep or FirstStep Plus loans featuring âaffordable interest rates, a 30-year term and even an optional CHFA Second Mortgage Loan,â according to the official site. Second ⦠Just like the CHFA SmartStep, this loan has a 30-year term and affordable ï¬xed interest rates (the same as the ï¬rst mortgage). There are limits to household income, of which vary by county. The CHFA SmartStep Plus program includes a Second Mortgage Loan for help with down payment and/or closing costs. Any previous CHFA mortgage loans must be paid in full otherwise CHFA ⦠Not limited to FTHBs. CHFA SmartStep Plussm CHFA Preferred Plussm CHFA FirstStep Plussm Second Mortgage Programs Purchase Review Submission Checklist Submission Tips ⢠Please use CHFAâs Document Delivery System in CHFA HomeConnectionsm for all new submissions. Connecticut. CHFA is planning to replace the CHFA Second Mortgage Loan with a CHFA DPA Grant . CHFA SmartStep Plus. 0000005375 00000 n 0000027268 00000 n All CHFA- approved participating ⦠Limited income that falls within CHFA guidelines for your household size Not enough savings to make a down payment or to cover closing costs A mid-credit score ⦠sm. ** 30 Year Fixed Rate Mortgage. First Time Home Buyers. Loan Type. The CHFS SmartStep Plus program helps homebuyers with down payment and closing cost assistance. Lender paid Mortgage insurance is an option on select programs. CHFA FirstStep Plus. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property. This will often lower the monthly payment overall. CHFA FirstStep Plus: 1st mortgage with a DPA 2nd. However, buyers purchasing in targeted areas are exempt, unless the Downpayment ⦠That second loan is intended for down payment and closing cost assistance. Grant and 2 nd may not be combined. 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