Recent Interest Rates*
|Construction Loan Type
|2 Years (Tax Exempt)
|Permanent Loan Type
|30/30 (Tax Exempt)
|40/40 (Tax Exempt)
* As of 08/15/2018
* Rates are indications only, are subject to change, and must be verified at the time of rate lock. Above rates assume cost of issuance is paid at closing. See Program Parameters & Fees for more information. Rates are provided solely as a convenience and CHFA assumes no liability for any error resulting from its use.
All CHFA financing commitments, upon approval by the CHFA Board of Directors, will include a maximum interest rate, or a "not-to-exceed" rate, that will remain valid for up to nine (9) months from the adopted Loan Resolution by the Board.
This "not-to-exceed" rate will generally be 0.50% higher than the prevailing interest rate on the day the Resolution is adopted. Upon the achievement of key loan closing benchmarks to enable a loan closing within 30 days, an applicant may request a 30-day interest rate lock for a construction and/or permanent loan. Upon an interest rate lock, the final loan sizing(s) is/are permitted within the upper limits established in the adopted Loan Resolution.
If a borrower is unable to achieve an initial closing within thirty (30) days of locking in the construction and permanent rates, the borrower will be charged an "Initial Closing Extension" fee equivalent to 0.25% of the construction and permanent loan amounts.
If the borrower cannot reach Initial Closing within sixty (60) days of locking in the rate, the borrower will forfeit the not-to-exceed rate and will be charged a “Rate Reset" fee equivalent to 0.25% of the construction and permanent loan amounts. The construction and permanent interest rates will then be reset based on the prevailing market rate at the time of the reset. Please see CHFA’s Multifamily Financing Program Parameters &Fees.