To participate in the CHFA Time to Own program, there are certain eligibility criteria you need to meet:
- First-Time Homebuyer Status: The program is designed for first-time homebuyers, defined as those who have not owned a home in the past three years.
- Credit Score: A good credit score is crucial. While there’s no specific minimum requirement, a higher credit score increases your chances of approval.
- Income Limits: CHFA sets income limits based on the number of people in your household. Your gross annual income must fall within these limits to qualify.
- Property Type: The program is applicable to single-family homes, condominiums, and planned unit developments (PUDs) that meet CHFA’s standards.
- Completion of Homebuyer Education: CHFA requires completion of a homebuyer education course before closing. This course equips you with the knowledge needed for successful homeownership.
Overview of the Application Process:
Step 1: Check Your Eligibility
Visit the CHFA website and review the eligibility criteria. Ensure you meet the requirements before proceeding with the application process.
Step 2: Attend a Homebuyer Education Course
Participate in a CHFA-approved homebuyer education course. This not only fulfills a program requirement but also equips you with essential knowledge about the homebuying process.
Step 3: Secure Financing
While CHFA provides affordable mortgage options, you’ll still need to secure pre-approval from a CHFA-approved lender. This step helps you understand the loan amount you qualify for and demonstrates your seriousness to sellers.
Step 4: Find a CHFA-Approved Property
Look for a home that meets CHFA’s property standards. Your real estate agent can help you identify suitable options within your budget.
Step 5: Submit Your Application
Complete the CHFA Time to Own application and submit it along with all required documentation. Be thorough to avoid delays in processing.
Step 6: Mortgage Commitment
Once your application is approved, you’ll receive a mortgage commitment letter, indicating that CHFA is willing to lend you the necessary funds.
Step 7: Closing
Work with your real estate attorney and CHFA-approved lender to finalize the purchase. At the closing, you’ll sign the necessary documents, officially becoming a homeowner.