Thursday, October 16, 2008

Colorado Housing and Finance Authority (CHFA) Rates

Q: Are the rates for Colorado Housing and Finance Authority (CHFA) loans negotiable?

A: No, CHFA loan rates are set by CHFA, and it doesn't matter which mortgage broker a borrower uses - everyone who is approved to sell CHFA loans gets the same rate. The rate that a borrower gets is the rate in effect on the day that the mortgage broker reserves the funds from CHFA. That rate is then tied to the borrower, so even if the buyer changes their mind and gets another property, the same rate will apply.

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