What is ONE percent?
Just a heads up if you are in the market to purchase a home PRIOR TO April 1st of this year: CHFA recently made a substantial change to the down payment assistance. They are reducing the amount of downpayment assistance by 1% of the loan amount. This takes place effective April 1st. However, if you are under contract prior to April 1st, CHFA is expected to honor the original downpayment assistance. What this means, the Buyer has to bring more cash to the closing table! IF you have not spoken to a Lender, now would be a great time ( it does not cost you anything ) and it does not affect your credit by simply speaking with them.