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Pam Gordon |
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New CHFA Program Highlights
- No more 1st time buyer requirements (you just can't own a home presently)
- Income requirements for El Paso County have increased
- No Purchase Limits (only per loan program i.e. FHA $325,000, VA $417,000
- You can use CHFA in conjunction with FHA, RD, & VA (No Conventional)
- Minimum FICO score 580
- RATES as of March 5th 5.625% without 2nd mortgage OR 5.57% with a 2nd mortgage
- The 2nd mortgage will be paid back at the same rate as the 1st mortgage
- Must put at least $1000 towards the transaction - NO cash back at closing. If someone puts $1500 down towards earnest monies they will NOT get $500 back at closing
- Must take Homebuyer Education Class
Call me today to find out more about CHAFA