CHFA continues to have down payment money available after 10.01.2008

As you have probably heard, the Housing and Economic Recovery Act of 2008, H.R. 3221 was passed on July 31, 2008.

There is a provision in the bill that eliminates the Seller Funded Down Payment Assistance Programs beginning October 1, 2008. This does not impact the optional down payment provided by CHFA’s Second Mortgage Loan Program, only available with any CHFA program. The CHFA Second Mortgage Loan Program continues to be offered at 0% interest and deferred for all qualified CHFA borrowers now and after October 1, 2008.

Please be aware H.R. 3221 is a very robust and complex piece of legislation. CHFA is currently evaluating the bill and will release announcements through our eNews as well as on a special section of our website at: http://www.chfainfo.com/news/HR_3221.icm

As always, please call CHFA’s Home Finance Division at 888-320-3688 with any questions. We appreciate your business and look forward to continued service to your low- and moderate income and first-time homebuyers.

Thank you

CHFA Home Finance