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The manual explains program purpose under Connecticut statutory objectives, describes eligibility requirements for borrowers, and outlines underwriting steps such as reserving funds, credit review, appraisal requirements, and commitment compliance. 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The manual also references requirements applicable to FHA, VA, USDA, FNMA, FHLMC, CHFA, and private mortgage insurance when relevant.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"What eligibility criteria must borrowers meet?",{"text":114,"@type":110},"Borrowers must meet the eligibility requirements in Section 2, including income limits at the time of application and mortgage closing, and other criteria such as first-time homebuyer status, owner occupancy, and eligible dwellings. The manual also includes homebuyer education requirements.",{"name":116,"@type":107,"acceptedAnswer":117},"What reporting responsibilities are required for loan servicing?",{"text":118,"@type":110},"Section 7 covers investor reporting and remitting, servicer billing, P+I remittance and reporting, automated exception reporting, payoff and PMI cancellation reporting, default reporting, MBS servicer reporting, and a forms list. It specifies how remittances and reporting are handled through established processes.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},281770,1791018406,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":136,"language":137,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":138,"faqs":139,"seo_title":140,"seo_description":61,"update_tm":141,"read_time":142},2336478487870,"https://ap-avatar.wpscdn.com/davatar_085a072bc5b1113ac321206ff7593b45","HOME MORTGAGE PROGRAMS  \nOPERATING MANUAL  \nSections 1-8  \nIntroduction, Eligibility, Underwriting, Closing, Additional Lender Information, Loan Delivery/Purchase,  \nReporting Guidelines and Single Family Servicing  \nCONNECTICUT HOUSING FINANCE AUTHORITY  \n999 West Street, Rocky Hill, CT  \n06067-4005 Main: (860) 721-9501  \nFax: (860) 571-3550  \nWebsite: [www.chfa.org](www.chfa.org)  \nPublished 12-2024  \nRevision Dates:  \n1-2025  \n5-2025  \n7-2025  \n10-2025  \nTable of Contents  \nSECTION 1 – GENERAL INTRODUCTION  \n1.1 Preface  \n1.2 Organization  \nSECTION 2 – ELIGIBILITY  \n2.1 Eligible Borrowers  \n2.2 Homebuyer Education  \n2.3 Income for Eligibility  \n2.4 First-Time Homebuyer  \n2.5 Owner Occupancy  \n2.6 Eligible Dwellings  \nSECTION 3 – UNDERWRITING  \n3.1 Reserving Funds  \n3.2 Loan Program(s) Selection  \n3.3 Credit Review  \n3.4 Appraisal Requirements  \n3.5 Mortgage Insurance or Guaranty  \n3.6 Loan File Submissions  \n3.7 Issuance of Commitment(s) for Compliance  \n3.8 Electronic Signatures  \nSECTION 4 – LOAN CLOSING PREPARATION  \n4.1 Terms and Conditions of First Mortgage  \n4.2 Closing Costs/Fees  \n4.3 Title Insurance  \n4.4 Hazard/Flood Insurance  \n4.5 Closing Requirements  \nSECTION 5 – ADDITIONAL INFORMATION FOR LENDERS  \n5.1 Qualification of Participating Lenders  \n5.2 Distribution of Mortgage Funds  \n5.3 Funds Available for Targeted Areas  \n5.4 Retention and Inspection of Records  \n5.5 The Federal Recapture Tax  \nSECTION 6-LOAN DELIVERY / PURCHASE  \n6.1 Delivery of Service-Released Loans  \n6.2 Service-Retained Loans – Documentation Requirements  \n6.3 Downpayment Assistance Program/s  \n6.4 Purchaseof Committed, Non-MBS (\"CHFA-Owned\") Loans  \n6.5 Escrow Reserves  \n6.6 Repurchase Requirements  \nSECTION 7 – REPORTING GUIDELINES  \n7.1 Investor Reporting and Remitting Overview  \n7.2 Servicer Billing  \n7.3 P+I Remittance of Funds  \n7.4 P+I Remittance Reporting  \n7.5 Automated Exception Reporting  \n7.6 Payoff Reporting  \n7.7 PMI Cancellation Reporting  \n7.8 Default Reporting  \n7.9 MBS Servicer Reporting  \n7.10 Forms List  \nSECTION 8 – SINGLE FAMILY SERVICING  \n8.1 Overview  \n8.2 CHFA Contacts  \n8.3 Safekeeping of Authority Documents  \n8.4 Escrow Responsibilities  \n8.5 Homeowner’s Insurance  \n8.6 Inspections and Notification by Servicer  \n8.7 Release of Mortgage  \nRev. 1-2026 pg. 2  \n8.8 Assumptions  \n8.9 Recapture Tax  \n8.10 CHFA Delinquency Intervention Counseling Program  \n8.11 Default Servicing Standards and Expectations  \n8.12 Bankruptcy  \n8.13 Loss Mitigation  \n8.14 Foreclosure  \n8.15 Super Liens  \n8.16 FHA Conveyance, VA Transfer of Custody and CHFA REO 8.17 Claim Submission and Expense Reimbursement  \n8.18 Servicer Contacts  \n8.19 Forms List  \nSECTION 1 – GENERAL INTRODUCTION  \n1.1 Preface  \nThis Operating Manual (the “Manual”) with the Loan Program Outlines has been prepared by the Connecticut Housing Finance Authority (CHFA) to provide loan origination and operating guidelines for Participating Lenders in its Home Mortgage Purchase Programs. This Manual supersedes all prior operating manuals, program bulletins or other home mortgage program materials distributed by CHFA.  \nCHFA mortgage loans are available to borrowers who meet income and other eligibility criteria described in this Manual. CHFA does not refinance existing mortgage loans, except when coupled with substantial rehabilitation, or as part of a “special program” initiative authorized by the Authority.  \nThe purpose of the Home Mortgage Purchase Program is to further the general policies of Chapter 134 of the Connecticut General Statutes, including the specific statutory objectives of:  \nA. Providing funds for long-term mortgage financing of Connecticut residential housing for occupancy by low-and moderate-income persons and families; and  \nB. Encouraging the development of balanced communities of all income levels in cities which qualify as Urban Areas under the Act.  \n1.2  Organization  \nThis Manual is intended to provide policy guidelines and detailed instructions f","cbCaiiKpjzFzveqs","https://ap.wps.com/l/cbCaiiKpjzFzveqs","pdf",2182821,101,"English","# SECTION 1 – GENERAL INTRODUCTION\n## 1.1 Preface\n## 1.2 Organization\n# SECTION 2 – ELIGIBILITY\n## 2.1 Eligible Borrowers\n## 2.2 Homebuyer Education\n## 2.3 Income for Eligibility\n## 2.4 First-Time Homebuyer\n## 2.5 Owner Occupancy\n## 2.6 Eligible Dwellings\n# SECTION 3 – UNDERWRITING\n## 3.1 Reserving Funds\n## 3.2 Loan Program(s) Selection\n## 3.3 Credit Review\n## 3.4 Appraisal Requirements\n## 3.5 Mortgage Insurance or Guaranty\n## 3.6 Loan File Submissions\n## 3.7 Issuance of Commitment(s) for Compliance\n## 3.8 Electronic Signatures\n# SECTION 4 – LOAN CLOSING PREPARATION\n## 4.1 Terms and Conditions of First Mortgage\n## 4.2 Closing Costs/Fees\n## 4.3 Title Insurance\n## 4.4 Hazard/Flood Insurance\n## 4.5 Closing Requirements\n# SECTION 5 – ADDITIONAL INFORMATION FOR LENDERS\n## 5.1 Qualification of Participating Lenders\n## 5.2 Distribution of Mortgage Funds\n## 5.3 Funds Available for Targeted Areas\n## 5.4 Retention and Inspection of Records\n## 5.5 The Federal Recapture Tax\n# SECTION 6 – LOAN DELIVERY / PURCHASE\n## 6.1 Delivery of Service-Released Loans\n## 6.2 Service-Retained Loans – Documentation Requirements\n## 6.3 Downpayment Assistance Program/s\n## 6.4 Purchase of Committed, Non-MBS (\"CHFA-Owned\") Loans\n## 6.5 Escrow Reserves\n## 6.6 Repurchase Requirements\n# SECTION 7 – REPORTING GUIDELINES\n## 7.1 Investor Reporting and Remitting Overview\n## 7.2 Servicer Billing\n## 7.3 P+I Remittance of Funds\n## 7.4 P+I Remittance Reporting\n## 7.5 Automated Exception Reporting\n## 7.6 Payoff Reporting\n## 7.7 PMI Cancellation Reporting\n## 7.8 Default Reporting\n## 7.9 MBS Servicer Reporting\n## 7.10 Forms List\n# SECTION 8 – SINGLE FAMILY SERVICING\n## 8.1 Overview\n## 8.2 CHFA Contacts\n## 8.3 Safekeeping of Authority Documents\n## 8.4 Escrow Responsibilities\n## 8.5 Homeowner’s Insurance\n## 8.6 Inspections and Notification by Servicer\n## 8.7 Release of Mortgage\n## 8.8 Assumptions\n## 8.9 Recapture Tax\n## 8.10 CHFA Delinquency Intervention Counseling Program\n## 8.11 Default Servicing Standards and Expectations\n## 8.12 Bankruptcy\n## 8.13 Loss Mitigation\n## 8.14 Foreclosure\n## 8.15 Super Liens\n## 8.16 FHA Conveyance, VA Transfer of Custody and CHFA REO\n## 8.17 Claim Submission and Expense Reimbursement\n## 8.18 Servicer Contacts\n## 8.19 Forms List","[{\"question\":\"Who must comply with the CHFA Home Mortgage Programs Operating Manual?\",\"answer\":\"Participating Lenders comply with the loan origination and operating guidelines and follow the written agreements with CHFA. The manual also references requirements applicable to FHA, VA, USDA, FNMA, FHLMC, CHFA, and private mortgage insurance when relevant.\"},{\"question\":\"What eligibility criteria must borrowers meet?\",\"answer\":\"Borrowers must meet the eligibility requirements in Section 2, including income limits at the time of application and mortgage closing, and other criteria such as first-time homebuyer status, owner occupancy, and eligible dwellings. The manual also includes homebuyer education requirements.\"},{\"question\":\"What reporting responsibilities are required for loan servicing?\",\"answer\":\"Section 7 covers investor reporting and remitting, servicer billing, P+I remittance and reporting, automated exception reporting, payoff and PMI cancellation reporting, default reporting, MBS servicer reporting, and a forms list. It specifies how remittances and reporting are handled through established processes.\"}]","Home Mortgage Programs - Operating Manual - Sections 1-8 | PDF",1789568013,35]