A significant obstacle to homeownership is a potential homebuyer’s inability to qualify for the purchase of a home due to student loan debt. For a limited time, the SMART RATE program will help households overcome the obstacle of student loan debt to afford their first home.
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Benefits
- 1.125% reduction of the CHFA first mortgage interest rate.
- Will help offset the borrowers’ student loan debt monthly payment.
- Down payment & closing cost assistance available through either Time To Own or the Down Payment Assistance program.
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Additional Considerations
- Applicants must meet all CHFA first mortgage eligibility and underwriting criteria, to include income and sales price limits. The CHFA Participating Lender will work with applicants to determine complete program eligibility requirements.
- Learn more about taking the first steps to becoming a homeowner here.