CHFA Preferred: $54 – $74,000; CHFA SmartStep: $120,100 Income limits for the CHFA Smartstep program are the same across all Colorado counties. CHFA Loans are offered through the Connecticut Housing Finance Authority. We knew that in doing so, we could shorten the time required to process a loan by a significant amount. A borrower may only have one active CHFA mortgage loan at a time. That means they take over the loan after you complete the mortgage process with a participating CHFA lender, like American Financing. The interest rates on these loans are below-market. Please contact CHFA Loan Servicing at 855.587.8655 to have a form sent to you. No LLPAs. The “Total-Debt-to-Income Ratio” for the program will increase to 45% and the “Combined Loan-to-Value” will increase to 105%. Please expect a delay in your home loan process as in many cases, your home loan may be placed on hold for many reasons. CalHFA supports the needs of renters and homebuyers by providing financing and home loan programs that create safe, decent and affordable housing opportunities for low to moderate income Californians. 2nd: Down payment, closing costs and/or prepaids. As an approved and top producing CHFA lender, American Financing has mortgage consultants ready to pre-qualify you and walk you through options. Once you receive the authorization form, please return it to the following address or fax number for processing: Colorado Housing and Finance Authority Connecticut residents interested in purchasing a mobile home should consider CHFA’s Mobile Home Mortgage. CHFA loans are offered through the Connecticut Housing Finance Authority in the State of Connecticut for first-time home buyers, properties for sale in "targeted" census tracts and for other groups of qualified borrowers such as police, teachers and Section 8 … The Connecticut Housing Finance Authority offers helpful information for first-time homebuyers on mortgage products, guides, approved lenders and resources for homebuyers. They are for First Time Homebuyers who are looking to purchase a home in certain areas that are targeted for revitalization. These changes will be effective on November 15, 2020. Generally, it takes about 3 to 4 weeks for your home loan to be sanctioned. It's important to understand that CHFA is the loan servicer. CHFA offers 30-year, fixed-rate mortgages. Interest Rate: 1st: See Today's Interest Rates. Any previous CHFA mortgage loans must be paid in full otherwise CHFA will not purchase the new loan. CHFA FirstStep: $82-$120,100 CHFA FirstStep is the most varied of CHFA loan programs dependent on household size, targeted income limits, non-targeted income limits, and more. A: The initial focus of the project was to better identify and classify incoming loan documents so a “robot” in CHFA’s system could deliver them to the appropriate person for processing. The CHFA Loan Process. The most popular reason for delay in your home loan process is lack of documents or missing information without which the bank cannot proceed. CHFA financing is done through Connecticut Housing Finance Authority and offers a variety of loan programs for first time homebuyers in Connecticut. ALL CHFA LOANS ARE AVAILABLE FOR REFINANCE & PURCHASE TRANSACTIONS. Use of Funds: 1st: 30 years, fully amortized payments. Learn how CHFA can help you achieve your dream of homeownership here. 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