CHFA loan and CHFA allows borrowers to choose either a conventional loan, VA, or a FHA loan. CHFA’s income limit is $148,120 state-wide which is amazing!
CHFA provides a second mortgage equal to 4% of the first mortgage amount which means they provide the down payment and some money to help pay their closing costs and prepaids. Their second is at 0% with NO MONTHLY PAYMENTS; however their second mortgage needs to be paid off when the buyers sell their home, refinance their home, or move out of their home. CHFA does require FTHB (First time home buyers) education.
