CHFA
CHFA has a few different programs with different requirements. Here is a quick reference for the programs offered by CHFA:
| CHFA FirstStep | ||
| Must be First Time Home Buyer? Yes | ||
| 1st Mortgage: | ||
| Loan Type: FHA, VA | ||
| Term: 30 years, fixed | ||
| Rate: Vary daily, visit CHFA’s website for current rates | ||
| Recapture Tax: Yes but CHFA will reimburse the entire amount | ||
| 2nd Mortgage: NONE – no down payment assistance with this option |
||
| CHFA FirstStep PLUS | ||
| Must be First Time Home Buyer? Yes | ||
| 1st Mortgage: | ||
| Loan Type: FHA, VA | ||
| Term: 30 years, fixed | ||
| Rate: Vary daily, visit CHFA’s website for current rates | ||
| Recapture Tax: Yes but CHFA will reimburse the entire amount | ||
| 2nd Mortgage: | ||
| Term: 30 years, fixed | ||
| Rate: Vary daily, visit CHFA’s website for current rates | ||
| Amount: 3% of 1st mortgage loan amount | ||
| Minimum Borrower Contribution: $1,000 – can not be gifted | ||
| CHFA HomeOpener | ||
| Must be First Time Home Buyer? NO | ||
| 1st Mortgage: | ||
| Loan Type: FHA, VA | ||
| Term: 30 years, fixed | ||
| Rate: Vary daily, visit CHFA’s website for current rates | ||
| Recapture Tax: No | ||
| 2nd Mortgage: NONE – no down payment assistance with this option |
||
| CHFA HomeOpener PLUS | ||
| Must be First Time Home Buyer? NO | ||
| 1st Mortgage: | ||
| Loan Type: FHA, VA | ||
| Term: 30 years, fixed | ||
| Rate:Vary daily, visit CHFA’s website for current rates | ||
| Recapture Tax: No | ||
| 2nd Mortgage: | ||
| Term: 30 years, fixed | ||
| Rate: Vary daily, visit CHFA’s website for current rates | ||
| Amount: 3% of 1st mortgage loan amount | ||
| Minimum Borrower Contribution: $1,000 – can not be gifted | ||
| CHFA JumpStart2 | ||
| Must be First Time Home Buyer? Yes | ||
| 1st Mortgage: | ||
| Loan Type: FHA, VA | ||
| Term: 30 years, fixed | ||
| Rate: Vary daily, visit CHFA’s website for current rates | ||
| Recapture Tax: No | ||
| 2nd Mortgage: | ||
| Term: 10 years, fixed | ||
| Rate: 8%, no interest, no payments until Feb 2011 | ||
| Amount: 3.5% of 1st mortgage loan amount | ||
| Minimum Borrower Contribution: $1,000 – can not be gifted | ||
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