chfa enews - home finance 
  March 5, 2021

firststepsm: chfa program compliance review still required

We are pleased with the success of the Lock to Purchase process and have greatly appreciated your acceptance of this operational efficiency.

Let’s remember, CHFA FirstStepsm Mortgage Loans still require a CHFA program compliance review prior to closing to help ensure eligibility of purchase by CHFA.

Why are we pointing this out? Here are some important points to consider:
  1. CHFA FirstStep Mortgage loans have stricter borrower, purchase price, and income calculation requirements. See the FirstStep Program Matrix for details.
  2. CHFA FirstStep Mortgage loans also require specific CHFA documents to be signed at closing. These documents only become available to you upon CHFA program compliance approval.
  3. Most importantly, if you close a CHFA FirstStep Mortgage Loan without CHFA program compliance approval, and upon CHFA purchase review it does not meet the CHFA FirstStep requirements, you will not have the ability to change it to a CHFA SmartStep Mortgage Loan.
Please contact us should you have questions or need assistance.

CHFA Home Finance
303.297.7376 or 888.320.3688 Denver
970.241.2341 or 800.877.8450 Western Slope

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