Who is eligible for a CHFA loan?
Generally, CHFA endeavors to assist new homebuyers in purchasing their first home. However, prior homeowners may qualify for a CHFA home loan if they haven’t had an ownership interest in a home for at last three years or if they propose to move to a home located in a targeted area of the state. Many CHFA loan programs limit eligibility by household income and home sales prices. An eligible borrower’s before-tax household income can not exceed CHFA’s established income limits and the sales price of the home can not exceed CHFA’s sales price limits. CHFA does not finance the purchase of commercial property. The home you buy must be your year-round, primary residence. A CHFA-approved Participating Lender can advise you whether you qualify for a CHFA loan.
