CHFA introduces new home-loan programs - Denver Business Journal:

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CHFA, based in Denver, makes loans to low- and moderate-income affordable-rental housing projects as well assmalkl businesses. The authority’s newest home-loanj products are its HomeOpener and HomeOpenerPlus mortgages, availablde to both first-time homebuyers and thos who have purchased at least one home The 30-year, fixed-rate loans include down-payment and closing-cosy assistance through CHFA, and require borrowers to go througnh a homebuyer education course at the authority. To qualifty for the loans, a borrower must have a minimum credift scoresof 580, and maximum debt-to-income radio of 45 “These are new toolsz in our toolbox.
This program has taken off very well,” said Roy CHFA’s executive director and CEO. “In the week and a half the loansx havebeen available, we’ve had more than 75 loan reservationw worth $10 million. That’xs a good start.” CHFA created the HomeOpenefr products through a new partnershio with the Government National MortgageAssociation (Ginnie a federal organization that helps in home financingh by channeling global financing into this country’s housing markets. Ginni e Mae’s guaranty allows mortgages lenders to get a better price for theier loans on thesecondary market.
“Theyy bring capital to the table, so we can continue to make Alexander said ofGinnie Mae. CHFA’s partnership with Ginni Mae is ongoing, with no set The authority also recently did its firsy bond issue sinceJune 2008, raising $90 million. CHFA was able to sell the bonde largely because of its good name with the capital Alexander said. “There’s pent-up demanc for such quality bonds,” he said. “Ours are triplde A-rated, which is the highest CHFA continues to explore ways to come up with new lendinhg products for rental housing andsmall businesses. “We’l l unveil more new products throughoutthe year,” Alexander said.
Based in Denver, CHFA was createsd in 1973 by the Colorado Legislature to make affordablwe housing more available inthe state. The authorityh has since become a major provider of financingffor single-family mortgages and financiall support for the development of apartments for low- and moderate-incomew residents. CHFA also provides loans to smal businesses.