big news: changes to chfa preferred^sm income limits

Effective for new locks* made on or after January 30, 2023, CHFA Preferred^sm Program will have a statewide limit of $148,120. The income limit is regardless of county or household size and does not include the CHFA Preferred Very Low Income Program (VLIP).

Important:

• Any CHFA Preferred loan with an income at or below 80% Area Median Income (AMI) will continue to have charter level Private mortgage Insurance (PMI) coverage.
• CHFA Preferred loans with income above 80% AMI will have standard level PMI coverage.

It’s important to understand the distinction as it will affect the required coverage amount and monthly PMI amount. Please ensure the appropriate DU Special Feature Code or LPA Offering Identifier, as applicable, is selected for the HFA program to receive the proper coverage level. Here is a table to help you reference if a loan will have charter or standard level coverage.

All other program income and purchase price limits may change later in 2023. Such changes will be announced with subsequent eNews.

View the updated CHFA Home Finance Program Income Limits.

* Existing locks may not be edited to take advantage of the new income limits.

Other important elements to consider:

1. Please ensure you select the right lock as CHFA Preferred Freddie Mac^® and CHFA Preferred Fannie Mae loans could have different interest rates.
2. CHFA encourages you to obtain full loan approval through the applicable AUS prior to making a Lock. For reference:
   • Desktop Underwriter^® (DU^®) for Fannie Mae loans; loan identified as HFA Preferred
   • Loan Product Advisor^® (LPASM) for Freddie Mac loans; loan identified as HFA Advantage

Please contact us with any questions.

CHFA Home Finance
Homeownership@chfainfo.com
303.297.7376 or 888.320.3688 Denver
970.241.2341 or 800.877.8450 Western Slope