The HFA Advantage and HFA Preferred mortgage Programs are popular for first-time homebuyers, as they can help borrowers save on insurance costs, along with CHFA’s below-market interest rate. If you are not a first-time homebuyer, you may qualify for these mortgages if you are purchasing a home in a targeted area.
No upfront mortgage insurance costs
Lower monthly mortgage insurance costs
Mortgage Insurance premiums end when borrower reaches 20% equity
Single-family homes, Townhouses
Fannie Mae or Freddie Mac eligible Condominiums
Planned Unit Developments (PUDs)
Two-to-four unit homes
Note: The HFA Advantage mortgage Program is not available for two-to-four family homes.
You must be a first-time homebuyer or have not owned a home in the past three years.
The home must be your primary residence. Investment or vacation properties are not allowed.
The sales price of the home must be within the CHFA Sales Price Limits, and your gross income must be within qualifying Income Limits.
PLEASE NOTE: LOAN PRODUCTS AND THEIR GUIDELINES CAN CHANGE AT ANY TIME.
DISCLAIMER: This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under underwriting requirements and satisfy all contingencies of loan approval. Rates and terms subject to change without notice. Norcom Mortgage NMLS ID # 71655 (www.nmlsconsumeraccess.org)
By audra|2022-02-23T13:52:53+00:00September 3rd, 2019|CHFA|