updated: loan limits and targeted areas

loan limits

Effective for new locks made on or after January 8, 2024, use the lower of $ 766,550 or the applicable program loan limit determined by FHA, VA, USDA-RD, Fannie Mae, or Freddie Mac^®, plus financed MI, MIP, VA Funding Fee, USDA-RD Guarantee Fee, or 203(k) rehab funds (subject to applicable insurer, guarantor, or investor guidelines).

Here are two examples to help clarify which of the lower limits to use:

HomeConnection^sm has been updated and will not allow a lock that exceeds the CHFA Total Loan Limit Maximum. Existing locks may not be edited to take advantage of the new loan limits.

Note: These changes only relate to CHFA total loan limit maximums. Income and purchase price limits have not changed.

As a reminder, the CHFA FirstStep^sm and CHFA HomeAccces^sm Programs have purchase price limits. CHFA total loan limit maximums may never exceed purchase price limits.

Income and purchase price limits may be announced with a subsequent eNews in late spring or early summer.

targeted areas

Effective for new CHFA FirstStep and CHFA HomeAccess locks made on or after January 8, 2024, a revised list of "targeted areas” is available. These targeted areas may include entire counties or certain census tracts within a county.

Should a borrower utilize a FirstStep or HomeAccess loan to purchase a property in a targeted area, they are subject to higher income and purchase price limits. In addition, they do not need to be first-time homebuyers.

For a comprehensive list please click here.

Please contact us with any questions.

CHFA Home Finance
Homeownership@chfainfo.com
303.297.7376 or 888.320.3688 Denver
970.241.2341 or 800.877.8450 Western Slope