reminder: chfa loan delivery and purchase

Mortgage Loans must be delivered to CHFA for purchase within 10 days after the closing date. Additionally, if a Mortgage Loan is not purchased by CHFA prior to Lock Expiration, CHFA may decline to purchase the Mortgage Loan.

In the event the Participating Lender has accepted four or more payments from the Borrower, CHFA may charge a Rate Adjustment Fee upon purchase. The fee will be determined at CHFA’s sole discretion and will be based upon market conditions and pricing at the time the Mortgage Loan is purchased.

Conventional Loans: CHFA is unable to deliver conventional Mortgage Loans aged more than six months from the first payment date. It is imperative lenders submit all necessary documents timely to avoid missing this timeline. Should a Mortgage Loan be undeliverable, CHFA will require the Participating Lender to repurchase the Mortgage Loan.

Repurchase includes paying CHFA the unpaid principal balance and accrued interest on the Mortgage Loan; any advances made by CHFA for the account; the Servicing Release Premium and any other fee or premium paid by CHFA to the Participating Lender; the CHFA DPA Grant or CHFA DPA Second Mortgage Loan amount; and any attorney’s fees or other expenses which CHFA incurred or expended in connection with the Mortgage Loan.

Please contact us with any questions.