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CHFA Refinance Options

Restructure: If you're feeling stuck with your CHFA first-time homebuyer loan, you can restructure your second mortgage or grant into a standard FHA or Conventional loan, often with a lower rate or payment.

 

Streamline Refinance: *Coming Soon* You can streamline refinance your CHFA loan to lower the interest rate on your 1st mortgage without combining it with your 2nd mortgage, leaving the 2nd untouched.

 

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Learn More CHFA REFI

Stuck in Your CHFA Loan? (2nd mortgage or grant)

Refinancing a CHFA loan offers Colorado homeowners an opportunity to reduce their interest rates, lower monthly payments, or switch loan terms. Whether you are seeking to take advantage of lower market rates, bundle your 1st and 2nd mortgage together, access equity through a cash-out refinance, or adjust your mortgage terms, refinancing your CHFA loan could help you achieve greater financial flexibility while preserving the benefits of a CHFA program.

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  • Eligibility: Not all CHFA loans are automatically eligible for refinancing. Homeowners need to meet certain requirements, such as credit score and equity in the home, similar to traditional loans.

  • Interest Rate Reduction: Refinancing can allow borrowers to secure a lower interest rate if market conditions have improved since their original CHFA loan, potentially lowering monthly payments.

  • Changing Loan Terms: Borrowers can refinance to a shorter or longer loan term, depending on their financial strategy. Shorter terms may help you pay off your loan faster, while longer terms can reduce monthly payments.

  • Cash-Out Refinance Option: If you've built up equity in your home, you might be able to access that equity through a cash-out refinance, which can be used for home improvements, debt consolidation, or other financial needs.

  • Preserving CHFA Benefits: Some homeowners may be concerned about losing the benefits tied to their original CHFA loan, such as down payment assistance. It's important to review the terms to ensure refinancing won’t impact these advantages.

  • Closing Costs: Just like with your original loan, refinancing comes with closing costs, which may include appraisals, fees, and other related expenses. Make sure the long-term savings outweigh these costs.

  • Streamlined Refinance Programs: CHFA offers streamlined refinance programs for some borrowers, potentially simplifying the process with fewer requirements or documentation.

  • Mortgage Insurance: If you refinance with less than 20% equity, you may still need mortgage insurance. However, if your equity has increased, refinancing could help eliminate the need for it.

Get Started Cash-Out Refi

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Nick Barta

Division President | Loan Originator

NMLS/MA MLO #25540 | AZ MLO #0927129

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Nick Barta is authorized to do business in the states of Arizona, Colorado, Florida, Massachusetts, Texas, Utah, and Wyoming. 
 

AZ License #0927129 | CO License #100017626 | FL License #LO3538 | MA License #MLO25540 | UT License #12270993 | WY License #106077 

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Security First Financial is a division of Primary Residential Mortgage, Inc. PRMI NMLS 3094. Branch NMLS ID# 385589. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. CO – Regulated by the Division of Real Estate, UCCC #987701-016. AZ – Arizona Department of Financial Institutions 0902614. MA – Licensed by the Massachusetts Division of Banks as a Broker and Lender as #MC3094. FL - Florida Office of Financial Regulation MLD646. TX - This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. UT - Utah Division of Real Estate #5489480. WY - Wyoming Division of Banking 399.

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Primary Residential Mortgage, Inc. is licensed under the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking through one of the means indicated below: In Person or U.S mail: 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294, Telephone No. (877) 276-5554, Fax No: (512)475-1313 Email: consumer.complaints@dob.texas.gov Website: www.dob.texas.gov

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Consumers wishing to file a complaint against a mortgage banker or licensed mortgage banker residential loan originator should complete and send a complaint form to the TX department of savings and mortgage lending, 2601 North Lamar Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery find must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

 

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