Comparison of Loans

Loan Package:
VA
Conventional 
/FHA
CHFA
Float Down? No Float Down Available No Float Down Available No Float Down Available
Downpayment VA Funding Fee, Generally 2%   100% Financing Available
Discount Points/Origination Fee Can Be Charged Unlimited Discount Points/Origination Fee Can Be Charged Unlimited Discount Points/Origination Fee Maximum 1.00% Origination Fee
Doc Prep Fees Approx. $250-$500 Document Preparation Fee* Approx. $250-$500 Document Preparation Fee*  
Processing Fees Approx. $250 - $500 Processing Fee* $250 - $500 Processing Fee*  
Equity Debt May Exceed Home Value When Loan Closes    
Recapture Tax     Recapture Tax Possible
Rent Possibility     Can Not Rent Residence without CHFA Approval
Fund Availability     Funds Always Available

 

* FHA/VA does not allow these fees to be charged to the borrower. However, these fees are typically passed indirectly to the borrower in other program transactions.

This chart is a general comparison only.