chfa enews - home finance 
 
April 6, 2022

rates: lock policies

As you’ve noticed, CHFA interest rates have been changing due to the market. It’s important to remember CHFA’s policies and procedures.
  1. CHFA's interest rates are available Monday through Friday (“Business Days”), except CHFA holidays by 9:30am MT.
  2.  Locks may be made all Business Days from 9:30am to 10:00pm MT.
    1. You cannot make a lock on a weekend or holiday.
  3. Borrowers must have an accepted purchase contract for a property prior to a lock being made.
  4. Locks are not transferable between lenders, borrowers, or properties.
    • Should the lender, borrowers, or property change, the original loan will need to be canceled in HomeConnectionsm.
    • Only after the previous lock has been canceled can a new lock be made.
    • New locks will be at the current market rate.
  5. If a lock is in reserved status, and a program change needs to be made (e.g., from CHFA FirstStepsm to CHFA SmartStepsm), CHFA will honor the new program’s interest rate of the original lock date.
  6. Interest rate buydowns are not permitted.
  7. If a lock is no longer needed, please cancel promptly.
Important: Please double check the program and loan type you lock. Errors are made when locking a Fannie Mae versus Freddie Mac® loan, FHA 203(b) versus FHA 203(k), and uninsured versus insured loans.

Additionally, it is the lender’s responsibility to notify the CHFA Lock Desk if changes are required. Please keep in mind that changes may not be completed until the next business day if submitted after 3:00pm MT.

Please contact the CHFA Lock Desk with any questions.

CHFA Lock Desk
CHFALockDesk@chfainfo.com
888.877.2432


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