On January 28 we first told you about CHFA’s FirstStep and FirstStep Plus programs that were going to be available February 1, 2010. It is now February 1 and we wanted to let you know the details of the program.
CHFA FirstStep
Through the sale of non-taxable mortgage revenue bonds, CHFA is able to offer mortgage rates [...]
Posts Tagged ‘Qualifying’
CHFA FirstStep NOW Available
CHFA Changes
Colorado Housing and Finance Authority, commonly known as CHFA, has made a few notable changes we wanted to make sure our readers were aware of.
FirstStep & FirstStep Plus
No Gifts Allowed for Minimum Contribution
No Cosigners Allowed
Non-Traditional Credit Must Be Added to Credit Report
Risk Score Card
No Grossing Up Income
1. FirstStep & FirstStep Plus
Two new (well a modification [...]
Drop Your Rate from 5.5% to 4% – NO JOKE!
Would you like to drop your mortgage rate from 5.5% to 4%? Crazy question, right? In Colorado, qualified homebuyers can apply for the Colorado Housing and Finance Authority (CHFA) Mortgage Credit Certificate (MCC) to do just that. That was a mouthful!
Everyone knows that their monthly payments for the first several years of their home mortgage [...]
The Lender that Could – I Knew I Could
The mortgage business can be a confusing industry to understand. There are different types of loans, different types of lenders and different paths for loans after closing. All of these can impact your ability to get approved for a mortgage loan, the terms of the loan or how smoothly the process goes. [...]
Getting Started with a Pre-Qualification
(All stories shared on Lending A Hand contain fictitious names with changes to insignificant details. The privacy and trust of our customers is our top priority.)
Bonnie and Clyde (fictional names, of course) called us up the other day to get qualified for a home purchase. Apparently the robbery profession isn’t what it used to be. [...]
The Bank of Mom and Dad
We received a couple of calls in the past few days for potential home buyers looking to get qualified for a mortgage and both of them had questions about how Mom and Dad could help them qualify. Here are their situations:
Pre-Qualification versus Pre-Approval
Several years ago most people didn’t really care about the difference between a pre-qualification and a pre-approval because there were so many qualified buyers in the home buying market place that if you couldn’t buy a home, there was somebody else who could. With lender guidelines tightening and the pool of buyers shrinking, the importance [...]
Mortgage Loan Requirements – FHA
Over the previous several months mortgage lenders, and therefore customers, have seen many changes to requirements to obtain a mortgage loan. Conventional loans have seen the most changes, leaving FHA financing as a great alternative to many potential home buyers. So what does it take to obtain a FHA loan these days?
About FHA
FHA, or Federal [...]
Mortgage Don’ts
I recently received an email from a Lending a Hand reader requesting information on what to avoid throughout the mortgage process to ensure a smooth approval and closing. Instead of just responding directly, I thought many of the readers could benefit from this question, so I decided to write a post on the Mortgage Don’ts. [...]
Money for Buying a Home
Money, money, money. Money is normally one of the biggest obstacles that stops renters from buying their first home. I don’t think that would be the case if they knew there was money available to assist them with down payment. The great thing is that there is just one website that you need to know [...]
