Additional Considerations

• The minimum loan amount is $3,000.
• There is a $200 origination fee.
• Borrowers who apply for DAP loans must attend a CHFA-sponsored
    or approved homebuyer education class* to help prepare for the
    responsibilities of homeownership. (If there are two or more borrowers, only
    one of the borrowers is required to attend a class.)

*Click here for Homebuyer Counseling Class Schedules

• Downpayment assistance is provided strictly based on need.  The applicant is required to apply for the maximum amount of a first mortgage loan that he/she can afford.  All liquid assets, including, but not limited to, savings, equity in property, 401(k) or IRA plans, will be accounted for when determining need for
downpayment assistance.  Borrowers may retain up to $5,000 of their available assets; all other funds must be applied to the downpayment.
• A CHFA participating lender originates the CHFA first mortgage and the Downpayment Assistance Program loan at the same time.
• Closing cost assistance is available to borrowers who do not possess assets for closing costs.

Contact:
Single Family Underwriting (860) 571-3502