HOW IT WORKS
The way it works is CHFA will give you up to a 5% loan, or they will give you a 4% grant to be used for a down payment and closing costs. CHFA’s interest rates are higher than market rates, but hey they are giving you free money, so the rate is higher.
With all CHFA programs as a borrower you have to invest $1,000 into the transaction when you buy. You must complete a home buyers education, and also live in the house. CHFA does impose income limitations, so depending on which CHFA loan program you select there may be restrictions for income. Call us and we will check the income limits for your area, some area they don’t have any limits.