CHFA Brings Back 0% Second Mortgage Loans
CHFA just released the following info on 0% Second Mortgage Loans:
"CHFA brings back our popular zero percent interest, non-amortizing second mortgage loan for down payment assistance
Effective for all new loan reservations made on or after August 18, 2014, CHFA’s Second Mortgage Loans for down payment and/or closing cost assistance will include the following terms:
· Zero percent (0%) interest rate;
· Non-amortizing, no monthly payments due;
· Thirty-year term, due on the maturity of the First Mortgage Loan*; and
· No prepayment penalty.
CHFA Second Mortgage Loans may be paired with the following CHFA loan programs:
· CHFA SmartStep Plus
· CHFA Preferredsm Plus
· CHFA HomeOpenersm Plus
· CHFA SectionEightsm Homeownership
The maximum loan amount allowed will remain 3 percent of the CHFA First Mortgage Loan.
Have more questions on the CHFA 0% Second Mortgage Loan? Fill out this form and we will contact you shortly!