What are CHFA credit guidelines for qualifying for a loan?
CHFA lenders follow the guidelines of the mortgage insurer of the loan to determine whether a loan applicant is credit-worthy. A lender will follow Fannie Mae guidelines when a borrower has 20% or more towards a down payment and mortgage insurance is not required. CHFA loan applications are reviewed on a case-by-case basis. An applicant that has filed for bankruptcy in the past may still qualify for a CHFA loan so long as two years have elapsed since his or her debts were discharged.
