In order to qualify for a CHFA loan, certain eligibility requirements must be met. Property must be owner-occupied for the term of the loan or until sold. Meet credit, income and loan requirements of the CHFA lender and the mortgage insurer. This requirement is waived if property is located in a Federally designated Target Area.
Some restrictions apply to gift funds.
Have the legal right to permanently reside in the United States. CHFA loans are subject to a Federal recapture tax. Recapture is a Federal income tax that borrowers may have to pay if they sell or transfer their CHFA-financed home within 9 years.