Do you have a minimum mid credit score of 680? It could be possible for you to purchase or refinance with a 30-year fixed rate mortgage with only 3 percent down and no mortgage insurance. On a traditional loan borrowers would need to contribute 20 percent down to avoid paying for costly mortgage insurance (MI).
Home purchase loan applicants must meet the following minimum criteria You must have a mid credit score of 680 or higher
- You must have a mid credit score of 680 or higher
- Your total household income and the loan amount must be within the limits
- For home purchase loans only, additional qualifications include:
- You must complete a CHFA-approved homebuyer education class prior to loan closing
- You must contribute a minimum of $1,000 toward the purchase of the home
In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting guidelines determined by your CHFA Participating Lender.
Refinancing applicants must meet the following minimum criteria:
- Meet income limits
- Have a mid credit score of 680
- Have a 3 percent equity contribution