The first time homebuyer requirement is waived if the property is located in a targeted area or if the homebuyer is an eligible veteran purchasing in a non-targeted or targeted area … Lower down payments – a common characteristic of government mortgages – is one asset of CHFA loans, as is lower interest. See samples below – March ‘08 CalHFA Sales Price Limits vs. August ‘08 Median Sales Prices: CalHFA Sales Price Limits (Mar. If you have owned a home in the past three years, you may still be eligible if you plan to purchase in a targeted area, which is a community targeted by the federal government for revitalization. Targeted Area. Special incentives are given for applicants purchasing homes in federally designated Targeted Areas. CHFA will waive the income limit for eligible applicants purchasing in Targeted Areas who are not applying for a Downpayment … As mentioned above, you do not have to be a first-time home buyer if you purchase a property within a targeted area. costs. • If you are a prior homeowner, you may still be eligible to utilize the program if purchasing a home in a targeted area of the State. Downpayment Assistance Program (DAP) Loans You may automatically qualify for a low-interest supplementary second mortgage of at least $3,000 to cover down … how you qualify** To qualify for either program: t you must be a first time homebuyer*, a non-first time homebuyer in a targeted area, or an eligible veteran; chfa unveils new loan program for first-time homebuyers Contact: Megan Herrera 303.297.7407 (DENVER) – Colorado Housing and Finance Authority (CHFA) announced today the rollout of a new home mortgage loan program for first-time homebuyers, qualified veterans, and non-first time buyers in targeted areas. CHFA will waive the income limit for eligible applicants purchasing in Targeted Areas who are not applying for a Downpayment Assistance Program loan. All borrowers and co-borrowers must complete an online or classroom-based homebuyer education course by a CHFA-approved provider, prior to the closing date. These are set by town and if the property is located in a targeted area. CHFA will waive the income limit for eligible applicants purchasing in Targeted Areas who are not applying for a Downpayment Assistance Program loan. Eligible Properties - CHFA Mortgage may be used to purchase an existing one- to four-family home, mobile homes, a newly constructed single family home, or a newly constructed two-family home in a targeted area. These areas encompass entire municipalities and certain census tracts within other municipalities. Single Family Lender Resources. They can also be used to purchase condominiums that are on the CHFA eligible condominium list. The CHFA also requires that … The Connecticut Housing Finance Authority (CHFA) suspends many of its mortgage eligibility rules for homes purchased in areas of the state targeted for revitalization. If you have owned a home in the past three years, you may still be eligible if you plan to purchase in a Targeted Area, which are communities targeted by the federal government for revitalization. For a link to the CHFA site for a list of maximum sales … The federally-targeted areas are those areas that the federal government designates as likely to benefit from increased homeownership. 08) vs. Median Sales Price (August 2008) (Non Targeted Resale areas) County CalHFA Sales Price Limits (Mar. Participating Lenders. Targeted areas are listed separately on the back … MCCs can be used with either the CHFA SmartStep/SmartStep Plus or the CHFA Advantage home purchase mortgage loan programs. • CHFA offers two rate structures as well as Point Options. The CHFA program does have a maximum sales price for the property that you will be purchasing. This requirement is for non-targeted areas. Family of 2 or less 2 . Fed. MCC Targeted Areas; Property Qualifications. 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