CHFA HomeOpener and HomeOpener Plus

CHFA HomeOpener and CHFA HomeOpener Plus are statewide first mortgage programs available to homebuyers. There are no purchase price limits or first time homebuyer requirements, and mortgage loans originated in these programs are not subject to the Recapture Tax provision. The CHFA HomeOpener Plus program includes the CHFA Second Mortgage Loan to assist with down payment and closing costs for a single family property. The programs offers market interest rates.
These programs have income limits, and to qualify, you must attend a Homebuyer Education class if you are a first time homebuyer or Money Management if you are not a first time homebuyer. You must also contribute a minimum $1,000 to the purchase of the home. The property must be occupied by the homebuyer and not used as a rental property.

CHFA Second Mortgage Loan

Used in conjunction with the CHFA HomeOpener Plus program, this optional loan helps with down payment and closing costs. This loan, if used, will come from the same lender as your primary loan.
The CHFA Second Mortgage Loan is available for up to 3 percent of the first mortgage loan amount at the same interest rate and term (30 years) as the first mortgage, the CHFA HomeOpener Plus. Monthly  payments are due on this loan at the same time the payments on the  CHFA HomeOpener Plus first mortgage loan payments are due. If the first mortgage is refinanced, title transferred, or if the property is no longer the borrower’s principal residence, the CHFA Second Mortgage Loan is due and payable in full. The CHFA Second Mortgage Loan can not be subordinated to any new first mortgage other than one offered by CHFA.
 

Homebuyer education requirements

CHFA requires education for all our programs. First time homebuyers applying for CHFA’s programs can take our new online CHFA U First Time Homebuyer course. All other borrowers can take our online CHFA U Money Management course. All CHFA programs will accept in-person CHFA Homebuyer Education provided by a CHFA-approved agency.
 
Rates if you do not use a CHFA 2nd the rate is 5.375% if you use a the chfa 2nd 5.50%

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