Take a ride on the CHFA Advantage
Over the next few days I am going to go over CHFA’s loan options. I feel there is a lot of questions about CHFA and what they offer and how they can help a home buyer. I am proud to be part of CHFA’s preferred lenders, I feel they have unique opportunities to offer home buyers. Not only with the classes they offer but also with their programs which help lower/moderate income families get the opportunity for home ownership.
The most recent addition to CHFA’s options is the CHFA Advantage. This program is CHFA’s way of giving you an applause that you deserve.
The program is a reward for those who have maintained a good credit score (680+). It is a 30 year fixed mortgage with only 3% down and NO mortgage insurance! This makes the program truly unique. Please note there are income and purchase price limits, click here to review.
The CHFA Advantage opportunity can be used for a purchase and a refinance. For a purchase you are required to take a home buyer education class and you must contribute a minimum of $1,000 towards the purchase.
For a refinance the home buyer education is not a requirement but you have to have a maximum loan to value of 97% as well as get an appraisal. This is a great opportunity if you don’t have a lot of equity in your home, it is also great if you would like to remove your existing mortgage insurance, which will lower your monthly mortgage payment.