verify: proper program selection

• Lock the proper CHFA Preferred Program
  Please ensure you select the right lock as CHFA Preferred Freddie Mac^® and CHFA Preferred Fannie Mae loans could have different interest rates. As a reminder, buydowns are not permitted.
  
  
• Choose the proper Automated Underwriting System (AUS)
  The AUS type utilized must correspond to the specific conventional program selected; Desktop Underwriter^® (DU^®) for Fannie Mae loans and Loan Product Advisor^® (LPA^sm) for Freddie Mac loans.
  
  Fannie Mae loans need to be identified as HFA Preferred in DU. Freddie Mac loans need to be identified as HFA Advantage in LPA.
  
  Additionally, ensure the correct special feature codes are listed on the AUS findings. Special feature codes ensure DU and LPA have been run correctly.
  


• Choose the right private mortgage insurance (PMI) percentage per the AUS findings
  
  

  Loan-to-value	Coverage %
  95.01 to 97.00	18%
  90.01 to 95.00	16%
  85.01 to 90.00	12%
  80.01 to 85.00	6%
  80.00 and below	No PMI required