Preferred™ Loan Program
HFA Preferred™ Interest Rates
Preferred™ Program is providing mortgages at the
- Non-Government Insured Interest Rate: 3.125%**(APR range 3.225% - 3.625%)
- Fees: Additional fees may apply.
- Term: 30 years, fixed rate
** Please note, this rate is subject
to change and additional fees may apply.
can apply for an HFA Preferred™
Borrowers must be first-time
homebuyers. Eligible borrowers
must have incomes that meet the
CHFA income guidelines. The
gross annual household income for
borrower(s) cannot exceed the limit
shown for the city/town where you
are purchasing the home.
types of property can you purchase
with an HFA Preferred™
- 1 unit homes
- Fannie Mae approved
- Planned Unit Developments
- 2-4 unit homes
NOTE: Manufactured homes and co-ops are not
else should you know about an HFA
The Sales price limit cannot exceed
CHFA Sales Price limits
established for the city/town where
you are purchasing your home,
providing it does not exceed the
Fannie Mae maximum loan limits.
The loan must be used toward the
purchase of a primary residence,
which must be owner-occupied by the
borrower. Investment or
vacation properties are not allowed.
All homebuyers must attend a
minimum of a 3-Hour
Homebuyer Education Class and if
purchasing a 2-4 family home must
also attend a Landlord
Class through a CHFA/HUD
approved Counseling Agency.
the Downpayment Requirements?
Depending on the mortgage
insurer, some borrowers may be
required to use their own funds
towards the downpayment. In some
cases, borrowers who do not have
funds saved for a down payment may
utilize the CHFA
Downpayment Assistance Program.
The minimum down payment may vary
depending on the Mortgage Insurer.
Your Participating Lender will
determine the minimum down payment
requirement for you. Borrowers who
are purchasing 2-4 unit homes are
required to put 3% of the purchase
price as a down payment from their
mortgage insurance requirements?
Borrowers must pay Mortgage
Insurance. The amount of mortgage
insurance is determined by credit
score utilizing a respective
Mortgage Insurer’s guidelines. Your
lender will review Mortgage
Insurance requirements with you.
Mortgage Insurance companies participating in this
program are Genworth Financial, MGIC, Radian and United
How do you apply for a HFA Preferred loan?
The HFA Preferred™
Loan Program will be offered through
the following CHFA Participating
Lenders. Contact one of the
lenders listed below to apply for a
CHFA HFA Preferred™
|Participating Lender List||
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The following documents are
related to the HFA Preferred™ Loan
Program. To open and view the
document, click on the document
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