important: tax transcripts required on chfa preferred^sm programs

Effective for all locks made on or after November 29, 2021, CHFA will require the most recent two years' IRS tax transcripts for all borrowers utilizing the CHFA Preferred^sm, CHFA Preferred Plus^sm, and CHFA Preferred^sm Very Low Income Programs (VLIP).

• Most recent tax transcripts must be provided. If not available (due to a recent filing or filing extension), a copy of the IRS notice showing “No record of return filed” is required.
• Additionally, a properly executed IVES Request for Transcript of Tax Return (IRS Form 4506-C) for all borrowers is still required for all CHFA programs.

Important distinction to remember: The CHFA FirstStep^sm Program always requires the most recent tax return or transcript, regardless of the AUS findings or underwriter requirement, and filing extensions will not be accepted in lieu of the tax return.