chfa loan servicing

APPLY YOUR LOAN IN 3 STEP

Bad Credit? No Problem Approved Your Loan In 3 Minutes

Apply Now Approved Upto $35,000 Over 350 Direct Lenders

Your Loan

CHFA Loan Servicing: Everything You Need to Know

CHFA Loan Servicing is a program designed to help low- and moderate-income borrowers achieve housing stability by providing affordable mortgage loans. The Colorado Housing and Finance Authority (CHFA) is a nonprofit organization that works in partnership with lenders, developers, property managers, and nonprofit organizations to create and preserve affordable housing opportunities for Coloradans.

CHFA Loan Servicing offers several different loan programs to fit a variety of needs. Some of the most common loan programs include the CHFA SmartStep, CHFA Advantage, and CHFA HomeAccess. Each loan program has different requirements and benefits, so it's important to work with a CHFA-approved lender to determine the best program for your individual circumstances.

CHFA SmartStep

The CHFA SmartStep program is designed for borrowers who are in the process of rebuilding their credit. This loan program is available to borrowers who have a credit score of at least 620 and a debt-to-income ratio of no more than 50%. Borrowers must also complete a homebuyer education class prior to closing on their loan.

Some of the benefits of the CHFA SmartStep program include a low down payment option of just 3%, as well as reduced mortgage insurance premiums. Additionally, CHFA offers a down payment assistance program for qualified borrowers, which can help offset the cost of the down payment and closing costs.

CHFA Advantage

The CHFA Advantage program is designed for borrowers who have a credit score of at least 680 and a debt-to-income ratio of no more than 45%. This loan program offers a competitive interest rate and reduced mortgage insurance premiums. Borrowers may also be eligible for down payment assistance.

One unique feature of the CHFA Advantage program is that it allows borrowers to utilize a co-signer in order to qualify for the loan. This can be helpful for borrowers who may not have sufficient income or established credit history to qualify for a loan on their own.

CHFA HomeAccess

The CHFA HomeAccess program is designed for borrowers with disabilities or who have a family member with a disability. This loan program offers a low down payment of just 1%, as well as reduced mortgage insurance premiums. Additionally, borrowers may be eligible for down payment assistance.

To qualify for the CHFA HomeAccess program, borrowers must meet certain eligibility criteria, including having a permanent disability or having a family member with a permanent disability who will be living in the home. Borrowers must also complete a homebuyer education class prior to closing on their loan.

CHFA Loan Servicing Process

The CHFA loan servicing process begins with finding a CHFA-approved lender who can guide you through the loan application process. The lender will work with you to determine which loan program is best suited to your individual circumstances, and will assist you in completing the necessary paperwork to apply for the loan.

Once your loan application has been approved and you've closed on your loan, your loan will be serviced by CHFA's loan servicing department. This department is responsible for managing your loan account, sending monthly statements, and answering any questions you may have about your loan.

If you experience financial hardship and are unable to make your mortgage payments, CHFA's loan servicing department may be able to offer assistance. You may be eligible for a loan modification, which can help you reduce your monthly mortgage payment and make your payments more affordable. Additionally, if you're facing foreclosure, CHFA's loan servicing department can work with you to develop a plan to help you keep your home.

Conclusion

CHFA Loan Servicing offers several different loan programs designed to help low- and moderate-income borrowers achieve housing stability. Each loan program has different requirements and benefits, so it's important to carefully evaluate your options and work with a CHFA-approved lender to determine the best program for your individual circumstances.

© 2021 57cashapp.com. All rights reserved.