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CHFA SmartStep Program CHFA SmartStep purchase mortgage program is open to home-buyers that have a mid credit score of 620 or higher. This program features CHFAs lowest mortgage interest rate. It features FHA, VA, and USDA Rural Development.
The CHFA RISC is a model used to evaluate risk levels of applicants for CHFA mortgage loans who have credit scores between 580 and 619 or whose loan requires manual underwriting.
CHFA SmartStep Program CHFA SmartStep purchase mortgage program is open to home-buyers that have a mid credit score of 620 or higher. This program features CHFAs lowest mortgage interest rate. It features FHA, VA, and USDA Rural Development.
The following are some of CHFAs general requirements: All borrowers have a mid-credit score of 620 or higher. Total borrower income must not exceed CHFAs income limits. Attend a CHFA-approved homebuyer education class (in person or online) prior to loan closing.
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An FHA loan requires a minimum 3.5% down payment for credit scores of 580 and higher. If you can make a 10% down payment, your credit score can be in the 500 579 range. Rocket Mortgage requires a minimum credit score of 580 for FHA loans.
Connecticut Housing Finance Authority | CHFA.