Posted on July 21, 2010 by Ray Williams.
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.