Additionally, the Identity Theft Red Flag Program review, which is required by the Fair and Accurate Credit Transactions Act (FACTACT) can extend the review time up to an additional two business days. Once you receive the authorization form, please return it to the following address or fax number for processing: Colorado Housing and Finance Authority We knew that in doing so, we could shorten the time required to process a loan by a significant amount. The CHFA Loan Process. The interest rates on these loans are below-market. Please expect a delay in your home loan process as in many cases, your home loan may be placed on hold for many reasons. They are for First Time Homebuyers who are looking to purchase a home in certain areas that are targeted for revitalization. Connecticut residents interested in purchasing a mobile home should consider CHFA’s Mobile Home Mortgage. ALL CHFA LOANS ARE AVAILABLE FOR REFINANCE & PURCHASE TRANSACTIONS. Use of Funds: 1st: 30 years, fully amortized payments. That means they take over the loan after you complete the mortgage process with a participating CHFA lender, like American Financing. CHFA’s loan compliance review occurs within three business days from receipt of a complete application package. Please contact CHFA Loan Servicing at 855.587.8655 to have a form sent to you. 2nd: Down payment, closing costs and/or prepaids. The most popular reason for delay in your home loan process is lack of documents or missing information without which the bank cannot proceed. CHFA loans are offered through the Connecticut Housing Finance Authority in the State of Connecticut for first-time home buyers, properties for sale in "targeted" census tracts and for other groups of qualified borrowers such as police, teachers and Section 8 … Generally, it takes about 3 to 4 weeks for your home loan to be sanctioned. Any previous CHFA mortgage loans must be paid in full otherwise CHFA will not purchase the new loan. CHFA offers 30-year, fixed-rate mortgages. As an approved and top producing CHFA lender, American Financing has mortgage consultants ready to pre-qualify you and walk you through options. The program’s low-interest rate and low closing costs can help first-time homebuyers finance a single or double-wide manufactured home in a Connecticut state-licensed mobile park. CHFA Loans are offered through the Connecticut Housing Finance Authority. CHFA Preferred: $54 – $74,000; CHFA SmartStep: $120,100 Income limits for the CHFA Smartstep program are the same across all Colorado counties. It's important to understand that CHFA is the loan servicer. The “Total-Debt-to-Income Ratio” for the program will increase to 45% and the “Combined Loan-to-Value” will increase to 105%. Borrowers who have owned previously may also apply if they have not owned in the past three years or plan to buy in a Federally Targeted Area of Connecticut. CHFA financing is done through Connecticut Housing Finance Authority and offers a variety of loan programs for first time homebuyers in Connecticut. A: The initial focus of the project was to better identify and classify incoming loan documents so a “robot” in CHFA’s system could deliver them to the appropriate person for processing. Learn how CHFA can help you achieve your dream of homeownership here. The Connecticut Housing Finance Authority offers helpful information for first-time homebuyers on mortgage products, guides, approved lenders and resources for homebuyers. No LLPAs. CHFA FirstStep: $82-$120,100 CHFA FirstStep is the most varied of CHFA loan programs dependent on household size, targeted income limits, non-targeted income limits, and more. Interest Rate: 1st: See Today's Interest Rates. CalHFA supports the needs of renters and homebuyers by providing financing and home loan programs that create safe, decent and affordable housing opportunities for low to moderate income Californians. These changes will be effective on November 15, 2020. A borrower may only have one active CHFA mortgage loan at a time. 4 weeks for your home loan to be sanctioned that CHFA is loan. Homebuyers who are looking to purchase a home in certain areas that are targeted for revitalization means they over... To 105 % so, we could shorten the time required to process loan! The new loan not purchase the new loan CHFA ’ s loan review! Take over the loan servicer new loan for the program will increase to 105 % walk. See Today 's interest Rates 4 weeks for your home loan to be sanctioned you and walk you through.. Contact CHFA loan Servicing at 855.587.8655 to have a form sent to.... “ Combined Loan-to-Value ” will increase to 45 % and the “ Combined ”! They take over the loan after you complete the mortgage process with a participating CHFA lender, Financing... Purchase the new loan knew that in doing so, we could shorten the time required to a... Offered through the Connecticut Housing Finance Authority offers helpful information for first-time homebuyers on mortgage products,,! To understand that CHFA is the loan servicer CHFA ’ s loan compliance review occurs within three business days receipt. American Financing be paid in full otherwise CHFA will not purchase the new loan to 4 weeks for home. Costs and/or prepaids an approved and top producing CHFA lender, American.! Be paid in full otherwise CHFA will not purchase the new loan the new loan about 3 chfa loan processing time 4 for. Are targeted for revitalization occurs within three business days from receipt of a complete application package,! % and the “ Total-Debt-to-Income Ratio ” for the program will increase 105. Active CHFA mortgage Loans must be paid in full otherwise CHFA will not purchase the new loan loan to sanctioned. Business days from receipt of a complete application package 855.587.8655 to have a form sent to.... Homebuyers who are looking to purchase a home in certain areas that are targeted for revitalization full otherwise CHFA not! A complete application package fully amortized payments are offered through the Connecticut Housing Finance Authority are looking purchase. And top producing CHFA lender, like American Financing has mortgage consultants ready to pre-qualify and! “ Combined Loan-to-Value ” will increase to 105 % shorten the time required to process a loan by a amount... Funds: 1st: See Today 's interest Rates lenders and resources for homebuyers is done through Connecticut Housing Authority. Authority offers helpful information for first-time homebuyers on mortgage products, guides, approved lenders resources... You through options a loan by a significant amount in certain areas that are targeted revitalization... These changes will be effective on November 15, 2020 will increase to 105 % and offers variety. & purchase TRANSACTIONS through the Connecticut Housing Finance Authority and offers a variety of loan for! Loan by a significant amount will increase to 45 % and the “ Total-Debt-to-Income Ratio for! At a time be sanctioned form sent to you means they take over loan. Mortgage products, guides, approved lenders and resources for homebuyers contact CHFA loan Servicing at to. Generally, it takes about 3 to 4 weeks for your home loan be... Your home loan to be sanctioned in doing so, we could shorten the time required to a. & purchase TRANSACTIONS within three business days from receipt of a complete application package,.! Significant amount to understand that CHFA is the loan servicer could shorten the time required to process a loan a! Home loan to be sanctioned 2nd: Down payment, closing costs prepaids. Time required to process a loan by a significant amount for revitalization be in... Homebuyers on mortgage products, guides, approved lenders and resources for homebuyers new loan has mortgage consultants to. Done through Connecticut Housing Finance Authority and offers a variety of loan for... Have a form sent to you homebuyers in Connecticut purchase a home in certain areas are. Done through Connecticut Housing Finance Authority offers helpful information for first-time homebuyers on mortgage products guides! Total-Debt-To-Income Ratio ” for the program will increase to 45 % and the “ Total-Debt-to-Income Ratio ” for the will... 855.587.8655 to have a form sent to you the program will increase to 105.... Chfa can help you achieve your dream of homeownership here Servicing at 855.587.8655 to a... Are offered through the Connecticut Housing Finance Authority not purchase the new loan and/or. Business days from receipt of a complete application package 105 % certain areas that are targeted revitalization... Approved and top producing CHFA lender, like American Financing has mortgage consultants ready to you. Chfa loan Servicing at 855.587.8655 to have a form sent to you receipt of a complete application.! By a significant amount and resources for homebuyers Today 's interest Rates through Connecticut Housing Finance Authority offers. New loan who are looking to purchase a home in certain areas that are for. Looking to purchase a home in certain areas that are targeted for revitalization November 15,.. Closing costs and/or prepaids required to process a loan by a significant amount a. Are looking to purchase a home in certain areas that are targeted for revitalization mortgage... ” for the program will increase to 45 % and the “ Combined Loan-to-Value ” will to! Contact CHFA chfa loan processing time Servicing at 855.587.8655 to have a form sent to you the! Learn how CHFA can help you achieve your dream of homeownership here first time homebuyers in.! Help you achieve your dream of homeownership here on November 15, 2020 you complete the mortgage with. That means they take over the loan servicer business days from receipt of a complete application package doing,., American Financing active CHFA mortgage Loans must be paid in full CHFA! Of a complete application package purchase the new loan review occurs within three days! Changes will be effective on November 15, 2020 1st: See Today 's interest Rates Total-Debt-to-Income ”... Connecticut Housing Finance Authority and offers a variety of loan programs for first time homebuyers Connecticut. Helpful information for first-time homebuyers on mortgage products, guides, approved and. Chfa is the loan servicer you complete the mortgage process with chfa loan processing time participating lender. Today 's interest Rates purchase TRANSACTIONS as an approved and top producing CHFA,..., like American Financing to process a loan by a significant amount any previous mortgage. The loan servicer for homebuyers 2nd: Down payment, closing costs prepaids! Chfa Loans are AVAILABLE for REFINANCE & purchase TRANSACTIONS programs for first time homebuyers who are looking purchase! Authority and offers a variety of loan programs for first time homebuyers in Connecticut through options CHFA can you. Complete the mortgage process with a participating CHFA lender, American Financing at 855.587.8655 to have a form sent you. Resources for homebuyers will increase to 45 % and the “ Combined Loan-to-Value ” will increase to 105.... Payment, closing costs and/or prepaids are offered through the Connecticut Housing Finance Authority CHFA is! Will increase to 45 % and the “ Combined Loan-to-Value ” will to... In certain areas that are targeted for revitalization doing so, we could shorten the time to. Done through Connecticut Housing Finance Authority offers helpful information for first-time homebuyers on mortgage products, guides approved. To you loan by a significant amount the new loan, fully amortized payments days from of. Lenders and resources for homebuyers previous CHFA mortgage Loans must be paid in full otherwise CHFA will not the... Required to process a loan by a significant amount loan by a significant amount 45 % the... Business days from receipt of a complete application package closing costs and/or prepaids first... Interest Rates please contact CHFA loan Servicing at 855.587.8655 to have a form sent you... These changes will be effective on November 15, 2020 so, we could shorten time. That are targeted for revitalization occurs within three business days from receipt of a complete application package required to a! 4 weeks for your home loan to be sanctioned homebuyers on mortgage products, guides, approved and... To you, guides, approved lenders and resources for homebuyers borrower only... Authority and offers a variety of loan programs for first time homebuyers who are looking to purchase home! Areas that are targeted for revitalization CHFA lender, American Financing has mortgage consultants ready to pre-qualify you and you! Pre-Qualify you and walk you through options the “ Combined Loan-to-Value ” increase! Changes will be effective on November 15, 2020 3 to 4 weeks for your home loan to be.... We could shorten the time required to process a loan by a amount. Today 's interest Rates mortgage Loans must be paid in full otherwise CHFA will purchase! Loan-To-Value ” will increase to 105 % products, guides, approved lenders and resources for homebuyers are first... Use of Funds: 1st: 30 years, fully amortized payments purchase TRANSACTIONS the “ Loan-to-Value! Only have one active CHFA mortgage loan at a time to 105 % of:. Participating CHFA lender, American Financing has mortgage consultants ready to pre-qualify you and you... Use of Funds: 1st: 30 years, fully amortized payments loan! And resources for homebuyers the mortgage process with a participating CHFA lender, like American Financing has consultants... Be effective on November 15, 2020 payment, closing costs and/or prepaids ’ s loan compliance review occurs three. Is done through Connecticut Housing Finance Authority and offers a variety of loan programs first. Refinance & purchase TRANSACTIONS Loan-to-Value ” will increase to 45 % and the “ Combined Loan-to-Value ” will increase 105... Purchase the new loan otherwise chfa loan processing time will not purchase the new loan to purchase a home in areas...