CHFA Preferred | CHFA Preferred Plus | Down Payment Assistance

CHFA Conventional Loan Down Payment Assistance Program

The video introduces the CHFA Conventional Loan Down Payment Assistance Program, which offers up to 4% down payment assistance. This program is designed to help buyers purchase homes with less money out of pocket while enjoying the benefits of a conventional loan.

What is a Conventional Loan?

Advantages: Conventional loans reward borrowers with higher credit scores, which are considered lower risk.

Comparison with Government Loans:
Government loans (FHA, USDA, VA) have uniform mortgage insurance regardless of credit score.
Conventional loans have variable mortgage insurance based on credit score, benefiting those with higher scores.

Key Features of CHFA Preferred and Preferred Plus
Down Payment Assistance: Provides up to 4% assistance, making home purchases more accessible.
Income Limits: Higher income limits, statewide eligibility up to $162,163.
Qualifying Income: Determined by qualification income, not actual income.
Down Payment Requirements: Allows purchases with as low as 3% down, with or without assistance.
Repeat Buyers: Eligible if income requirements are met.
Additional Resources

Other CHFA Programs:

Conclusion

The CHFA Conventional Loan Down Payment Assistance Program offers significant benefits for buyers with higher credit scores and qualifying incomes, making it a viable option for many homebuyers. For a comprehensive understanding of loan options, viewers are encouraged to watch the additional detailed video linked in the description.

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0:00 Intro
0:46 Advantages of Conventional loans
2:18 Summary