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!

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