Posted on July 21, 2010 by Ray Williams (NMLS #216267).
CHFA announced that effective with all reservations beginning July 1, 2010, participating lenders will be able to serve higher income single person households and more non-first time homebuyers.
- New 2010 Income and Purchase Price Limits for all programs.
- 1 person and 2 person household income limits have been combined into one Income Limit. In the past, many of CHFA’s programs had 3 income limit categories: 1 person, 2 persons and 3+ persons. Now there will be 2 income categories for most of our programs: 1-2 persons (income limit based on 100% of area median income/AMI for that county) and 3+ persons (income limit based on 115% of AMI).
- The First time homebuyer requirement is waived for Borrowers purchasing Property located in Targeted Areas. CHFA will now allow non-first time homebuyers who meet the CHFA FirstStep/FirstStep Plus program guidelines to obtain a loan in this program provided the Property is located within a Targeted Area of Colorado. Qualifying non-first time homebuyers can also obtain a CHFA Statewide MCC provided the Property is located in a Targeted Area of Colorado.Note: FirstStep/FirstStep Plus and MCC may not be combined but HomeOpener/HomeOpener Plus may be combined with a MCC, provided Borrower meets guidelines of both programs. New income limits can be found here and more information about Targeted Areas can be found here.