I sat through one of those chfa meetings. People starting walking out when they said you have to sell to another person going through the same program. Not having the freedom to sell to whoever you want for how much you're offered it's a no no. Unless there are no strings attached such as this, is not worth
You may be confusing CHFA with a deed restriction. CHFA does not have a requirement to sell to another person going through the same program. Deed restrictions, however, are based on properties and do have a limitation to use the special programs related to that specific home (not CHFA) that limit the appreciation, and therefore price, for the next buyer. Happy to clarify this further if you have any questions. But, please know, CHFA does not have this requirement.
Yes and no. I would say most real estate agent *think* FHA is a less superior loan option compared to conventional. As a mortgage professional I disagree. The two are simply different options based on what is best for the buyer. FHA buyers may have slightly less room to work through hurdles such as an appraisal lower than the price or overcoming home inspection items. But that’s where having a mortgage professional that can work proactively to anticipate and resolve those concerns ahead of time and then help the real estate agent position your offer properly can make a big difference and help secure a contract.
CHFA does offer a program specifically for first time homebuyers which offers a slightly lower rate. There are other programs (outside of CHFA) that only allow first time buyers to utilize them. Let us know if we can help you based on your specific situation.
I sat through one of those chfa meetings. People starting walking out when they said you have to sell to another person going through the same program. Not having the freedom to sell to whoever you want for how much you're offered it's a no no. Unless there are no strings attached such as this, is not worth
You may be confusing CHFA with a deed restriction. CHFA does not have a requirement to sell to another person going through the same program. Deed restrictions, however, are based on properties and do have a limitation to use the special programs related to that specific home (not CHFA) that limit the appreciation, and therefore price, for the next buyer. Happy to clarify this further if you have any questions. But, please know, CHFA does not have this requirement.
Hi great vid! wondering in this crazy hot market in colorado, if you are less welcome if you got fha or conventional or it doesn't matter?
Yes and no. I would say most real estate agent *think* FHA is a less superior loan option compared to conventional. As a mortgage professional I disagree. The two are simply different options based on what is best for the buyer. FHA buyers may have slightly less room to work through hurdles such as an appraisal lower than the price or overcoming home inspection items. But that’s where having a mortgage professional that can work proactively to anticipate and resolve those concerns ahead of time and then help the real estate agent position your offer properly can make a big difference and help secure a contract.
Is there any benefit to being a first time home buyer?
CHFA does offer a program specifically for first time homebuyers which offers a slightly lower rate. There are other programs (outside of CHFA) that only allow first time buyers to utilize them. Let us know if we can help you based on your specific situation.
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