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Loan Reservation Lock Policies Q&A

  • What is the reservation/lock term for CHFA loans?

    • The reservation/lock period is 90 days from the date of reservation.


  • Is the expiration date the date for which the loan must close?

    • No, the expiration date is the date the loan must be delivered and purchased by.


  • How far in advance of the closing date should I reserve my loan?

    • CHFA recommends not reserving a loan until you are within 45 days of the anticipated closing date to allow sufficient time for delivery and purchase.


  • Can I extend the expiration date?

    • Yes, the lock may be extended twice for 30 days at a cost of 0.25 point for each extension.



  • How long can I extend a lock?

    • Two 30-day extensions for a total of 60 days.


  • What happens if I need another extension after I have already extended twice?

    • This scenario will be evaluated on a case-by-case basis.


  • Can the extension fee be paid by the borrower?

    • No, the borrower may not be charged extension fees.  In some cases, the seller may be charged the extension fee if the seller is the cause of the delay.


  • How does the extension fee get paid?

    • The cost of the extension(s) will be netted from the lender at the time of loan purchase.


  • What happens if my lock expires, and I did not request an extension prior to the expiration date?

    • The loan is automatically canceled, and should you wish to reinstate the loan within 30 days, you will be subject to worst case, current market, or previous locked terms.


  • How do I cancel a reservation with CHFA?  What documentation is needed?


  • What happens if my borrower changes properties?  Can we use the same reservation and interest rate? What documentation do I need?

    • No, the lock is attached to the property.  A copy of the release or borrower’s request to cancel should be emailed to CHFA at


  • What happens if I try to reserve a loan for the same borrower with a new property?

    • Please email and an administrator will confirm the new property address and override the system to allow for a new reservation.


  • What happens if I cancel a reservation/lock and then need to re-reserve it? 

    • If more than 30 days has passed since the loan was canceled, then you would re-reserve the loan at current market rates.  If it has been less than 30 days since the loan was canceled, you would be subject to worst case, current market or original terms.


  • What happens if my borrower is already reserved with another lender?  What do I need to provide to switch it to my company?


  • Who should I contact with reservation questions, concerns, cancellations?

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