CHFA First Time Homebuyers rules changing in January, 2012
Important Program Update
New Credit Score Floor to go into effect January 1, 2012
Effective for Reservations made after January 1, 2012, CHFA’s Home Finance programs will no longer be available to borrowers with credit scores below 620. CHFA’s mission has been and continues to be to create a process which not only allows people to achieve homeownership but provides them the education and resources to be successful homeowners, as long as they choose to be. In today’s environment, CHFA believes it is in the interest of potential borrowers and our organization to serve borrowers who have achieved a credit score of 620 and above.
CHFA will continue to accept Reservations for borrowers who have no credit score and require use of alternative credit. The RISC Scorecard will remain a requirement for borrowers whose loans are manually underwritten for any reason, and borrowers with credit scores from 620 through 659 where the DTI exceeds 43%.
Please contact us with any questions.
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