The CHFA Advantage statewide purchase and refinance mortgage loan program is available to first time homebuyers (purchase only), eligible veterans, or non-first time borrowers purchasing property located in a targeted area. The CHFA Advantage Purchase program offers buyers access to conventional mortgages with 30-year terms. You can find more information on attending a homebuying class here. Eligibility for CHFA loans. Have a credit score of 620 or higher (a higher minimum applies to the CHFA Advantage program). Access to CHFA advantages is dependent on household income (which is determined at … Make a minimum down payment on the home (funds may come from a gift). The Freddie Mac HFA Advantage® mortgage is a conventional mortgage product available exclusively to housing finance agencies (HFAs) seeking strategic solutions to diversify their product offerings and portfolio mix while expanding homeownership responsibly. CHFA Advantage. CHFA strengthens Colorado by investing in affordable housing and community development. What is this loan program? Check out our HDF Advantage guidelines to find out if HFA Advantage will work for you! Features. … Qualified borrowers can receive up to four percent (4%) of the purchase price or market value or $6,000 (whichever is less) in downpayment and closing cost assistance to be repaid monthly. Some borrowers may even be able to avoid mortgage insurance. The HFA Advantage and HFA Advantage Uninsured Loan Programs will provide first mortgage loan financing to eligible first-time homebuyers purchasing a single family residence in compliance with CHFA and FREDDIE MAC (FHLMC) eligibility requirements. This program offers affordable interest rates, a 30-year term, and no mortgage insurance requirement. Our participating lenders and community partners help us deploy our resources statewide. All those interested in the CHFA FirstStep program will need to complete a homebuyer education course either in person or online. The 3% down payment with no mortgage insurance home loan is a conventional loan called CHFA Advantage℠. Attend a CHFA-approved homebuyer education class in-person or online before loan closing. CHFA can help Coloradans with down payment assistance, helping them get into a house for as little as $1,000 down. California's 2017 Housing Package Veterans Housing and Homelessness Prevention Program (VHHP) Language Access Complaint Form / Formulario de queja de acceso por idioma Governor's Office one-stop resource for people affected by wildfires: www.response.ca.gov This program offers a … We offer financial resources to strengthen homeownership, affordable rental housing, and businesses. The Connecticut Housing Finance Authority offers home loans at below-market and competitive interest rates to eligible homebuyers through its various Homebuyer Mortgage Programs. Colorado borrowers may qualify for one of CHFA loans if they meet guidelines such as: Minimum credit score of 620 (680 required for CHFA Advantage program) Must meet income requirements; CHFA approved homebuyer class required; Minimum of $1,000 contribution toward home purchase required Homebuyers who wish to use a CHFA loan must. Loans are 30 year, fixed rate with 1% Origination Fee payable to the lender. This program offers some obvious benefits with a very low down payment and the extra advantage of no mortgage insurance. HFA Advantage is a mortgage program that features great CHFA interest rates, and also lets you save on mortgage insurance costs. CHFA Advantage Purchase. Contact Alba Castillo, at 203-969-1830 x 2003 to discuss your first mortgage . 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