Take a homebuyer education course 

CHFA requires all borrowers to complete a free homebuyer education course before purchasing a home. Through these classes, you’ll gain insight into selecting a real estate agent and lender, financing a home, choosing a mortgage and understanding loan interest rates. You will also discover what to expect at the closing and how to be a successful homeowner. Learn as much as you can to assure that your transition to homeowner is trouble-free.

First time homebuyers applying for CHFA's MRB First Step, Taxable Home Opener, and HomeAccess programs can take our new online CHFA U First Time Homebuyer course. Nonfirst time homebuyers who wish to utilize the CHFA HomeStretch program to refinance their existing mortgage can take our online CHFA U Money Management course. All CHFA programs will accept in-person CHFA Homebuyer Education provided by a CHFA-approved agency.Choose a lender

After taking a homebuyer education course, contact a Top Producing Loan Officer in your area to obtain loan pre-approval. The lender will analyze your monthly income, credit history and debt level to determine how large a mortgage you can receive. This process will help you target homes within your price range.

Select and purchase a home

You may use a real estate agent of your choice or purchase a home without one. However, a real estate agent can help negotiate the sales price, explain the terms of the purchase contract and guide you through the home inspection process.

Submit a loan application

Once you have a signed offer with the sellers, it’s time to meet with your lender to fill out a mortgage application. Your lender will provide an estimate of how much money you will need for the down payment and closing costs. Don't be afraid to ask questions!

Wait for loan processing

Typically, a well organized loan file should be processed in about four weeks. Keep in touch with your lender and quickly respond to any requests for information.

Obtain loan approval

Congratulations! After your loan is approved, you can schedule a closing date with your lender, Realtor and the sellers. A "conditional approval" means the lender needs additional information from you. Get this to your lender as soon as possible so you can finalize your loan.

Close on your loan

The loan closing usually takes place at a title company, where you’ll sign many documents. Don't hesitate to ask your loan closer questions. You’ll bring a cashier's check or certified check for any money you need to pay to purchase the home. Your lender will let you know the exact amount of the check a day or so in advance of the closing. The seller will turn over all keys, garage door openers and information about the home at this time. Don't forget to have the utilities transferred into your name.

Start making your monthly loan payment

Mortgage payments are due the first day of every month. Late fees, which can be substantial, will be assessed for checks received after the 16th of the month. Problems making payments should be addressed immediately because they can negatively affect your credit rating.

Take good care of your home

Your home is now your most valuable asset. To get the most long term value out of your house, you must maintain or improve its quality. Seasonal and ongoing maintenance is critical to keeping and increasing its value.