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The new HFA1 Affordable Homeownership Lender Toolkit is a free online resource that will help lenders work more efficiently with AHFA and other state housing finance agencies to provide mortgage loans and down payment assistance to lower-income home buyers.
“We are constantly striving to make our homeownership programs easier for mortgage lenders to use,” said AHFA Single-Family Administrator Carrie Hamaker. “One size does not fit all among first-time and lower-income homebuyers, but this toolkit is a step toward simplifying the origination process, especially for our participating lenders who do business in multiple states.”
The toolkit was developed with members of the Mortgage Bankers Association and other industry stakeholders. As a result, a group of 13 HFAs, including AHFA, reduced or eliminated loan overlays, created a common loan delivery checklist to lessen operational differences, and aligned their affordable mortgage and down payment assistance requirements in numerous areas. These moves will save time and money throughout the mortgage process.
Programs from HFAs in these states are featured in the toolkit: Alabama, Arizona, California, Colorado, Idaho, Illinois, Iowa, Massachusetts, New Mexico, South Dakota, Tennessee, Utah, and Washington. HFAs in other states are expected to join later this year.
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