HFA Advantage & HFA Preferred Mortgage Loan

The HFA Advantage and HFA Preferred mortgage Programs are popular for first-time homebuyers, as they can help borrowers save on insurance costs, along with CHFA’s below-market interest rate.  If you are not a first-time homebuyer, you may qualify for these mortgages if you are purchasing a home in a targeted area.

Benefits

• No upfront mortgage insurance costs
• Lower monthly mortgage insurance costs
• Mortgage Insurance premiums end when borrower reaches 20% equity

Eligible Properties

• Single-family homes, Townhouses
• Fannie Mae or Freddie Mac eligible Condominiums
• Planned Unit Developments (PUDs)
• Two-to-four unit homes

Note:  The HFA Advantage mortgage Program is not available for two-to-four family homes.

Eligibility Requirements

• You must be a first-time homebuyer or have not owned a home in the past three years.
• The home must be your primary residence.  Investment or vacation properties are not allowed.
• The sales price of the home must be within the CHFA Sales Price Limits, and your gross income must be within qualifying Income Limits.