29 JunGreat CHFA Changes

We just received notification from CHFA about a few changes to their program that will help even more people qualify for down payment assistance.  Here are the changes:

• Income limits are now based on two buckets (1-2 Person Household & 3+ Person Household)
• Higher income limits in targeted areas
• First time homebuyer restriction removed for targeted areas for all CHFA programs

Two Income Limit Buckets

Previous to this recent change, CHFA had three income buckets.  The buckets were for 1, 2 or 3+ person households.  They have eliminated the bucket for 1 person households which are now part of the 2 person bucket now labeled 1-2 person household.  Here are the new income limits in Denver Metro for First Step, First Step Plus and MCC with CHFA:

Previously, the income limits for a 1 person household size was much lower (a bit over $60,000).

Targeted Area Income Limits

The income limits have been increased and are also put into two buckets as mentioned above.  Here are the revised targeted area income limits for Denver Metro:

Visit CHFA’s website for a full list of target areas.

Non-First Time Homebuyers Now Allowed

Here is a direct quote from CHFA about this change:

CHFA has removed the First Time Homebuyer restriction for the CHFA FirstStep, CHFA FirstStep Plus, and CHFA MCC programs for all loans made or CHFA MCCs issued on properties located in a Targeted Area.

About the Author | Scott & Marla Wynn

Scott & Marla Wynn are mortgage lenders with a focus on education. We believe an educated customer is our best customer. The mortgage industry has complicated the process of obtaining a mortgage so much that most customers believe the best way to select a mortgage lender is to inquire about rates and fees. Although rates and fees are an important part of the mortgage process, there are much more important areas to be concerned with. Lending A Hand was created to pass along our experience, knowledge and research to YOU to allow you to become a more educated mortgage customer. If you are planning a home purchase or refinance and live in the state of Colorado, we hope you select the Wynn Team as your mortgage lender!