Last updated on Jul 28, 2026
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What is CHFA Form 390
The CHFA Form 390 Deferred Payment Note is a real estate document used by borrowers in Colorado to outline the terms of a second mortgage loan under the Colorado Housing and Finance Authority's program.
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Who needs CHFA Form 390?
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CHFA Form 390 is needed by:
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Homeowners seeking a second mortgage in Colorado
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Real estate agents facilitating CHFA transactions
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Mortgage brokers assisting clients with CHFA loans
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Lenders providing second mortgage loans through CHFA
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Legal professionals handling real estate transactions
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Financial advisors guiding clients on mortgage options
Comprehensive Guide to CHFA Form 390
What is the CHFA Form 390 Deferred Payment Note?
The CHFA Form 390 is a Deferred Payment Note specifically designed for real estate transactions in Colorado. This form serves as an essential part of the Colorado Housing and Finance Authority’s Second Mortgage Loan Program, which aims to facilitate affordable housing opportunities for residents. Its primary objectives include outlining the borrower's obligations to repay the principal amount and applicable interest upon maturity while potentially incorporating shared appreciation terms.
The deferred payment note plays a crucial role in real estate financing by enabling borrowers to secure second mortgage loans more effectively. This support not only aids individuals in their journey towards homeownership but also boosts the overall housing sector within the state.
Purpose and Benefits of the CHFA Form 390 Deferred Payment Note
The CHFA Form 390 is designed to deliver substantial benefits for both borrowers and lenders in the real estate market. By utilizing this form, borrowers can gain access to more affordable housing options, thus reducing their financial burdens. Additionally, this form aids lenders in structuring second mortgages, making it easier to manage loan agreements and terms.
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Inclusion of balloon payment options to streamline loan repayment plans.
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Clear outline of terms that benefits both parties, ensuring transparency throughout the financing process.
Key Features of the CHFA Form 390 Deferred Payment Note
Several distinctive features define the CHFA Form 390, making it user-friendly and comprehensive. The form comprises various fillable fields necessary for completing a second mortgage note accurately. Key fillable sections include loan amount, property details, and borrower signatures, ensuring all relevant information is duly captured for processing.
To facilitate the correct completion of the form, detailed instructions are provided alongside the fillable sections. The online fillable format enhances ease of use, allowing borrowers to complete the necessary documentation quickly and efficiently.
Who Needs the CHFA Form 390 Deferred Payment Note?
The CHFA Form 390 is primarily targeted at homebuyers who are active participants in the CHFA program, as well as their lenders. This form is instrumental in guiding both parties through the loan process. Understanding the roles of the borrower and the lender is essential when navigating the requirements of this document.
Typically, this form is required during specific stages of the mortgage application process, serving as a critical legal document in the agreement between the borrower and the lender.
How to Fill Out the CHFA Form 390 Deferred Payment Note Online
When preparing to fill out the CHFA Form 390 online, it's essential to gather necessary information beforehand. This preparation should include details such as the loan amount, property address, and borrower’s identification details.
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Enter the required information in the specified fields, ensuring accuracy.
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Review each field to confirm all details are correct before finalizing the form.
For added security, ensure all information is validated before submission, minimizing the chances of errors in your documentation.
How to Sign or Notarize the CHFA Form 390 Deferred Payment Note
Signing the CHFA Form 390 correctly is crucial for its validity. There are two signature options: a digital signature or a traditional wet signature. Understanding the differences in requirements for these signatures is essential.
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Select the eSignature option and follow the prompts to sign electronically.
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Ensure that all necessary parties also provide their signatures as required.
In some cases, notarization may be necessary to further validate the document, depending on state regulations.
Submission Methods and Processing Time for the CHFA Form 390 Deferred Payment Note
Successful submission of the CHFA Form 390 can be accomplished through several methods. Options include online submission via pdfFiller or mailing the completed form directly to the appropriate authority.
Upon submission, users can expect specific timelines for processing the form. Typically, processing times can vary based on submission method and the workload of the relevant authority. To streamline your submission, ensure that all required information is accurately filled out, as common mistakes can lead to delays.
Security and Compliance for the CHFA Form 390 Deferred Payment Note
Data protection is paramount when filling out the CHFA Form 390 online. pdfFiller implements a range of security features, including 256-bit encryption and compliance with SOC 2 Type II standards, ensuring sensitive financial information remains secure.
It is crucial to understand the importance of data protection when handling financial documents like the CHFA Form 390. Always store completed forms securely to minimize risks of unauthorized access or data breaches.
Sample of a Completed CHFA Form 390 Deferred Payment Note
Providing a visual example of a completed CHFA Form 390 can significantly aid users in understanding how to fill out the document accurately. Sample forms include labeled sections that clarify essential fields necessary for completion.
Referencing a completed example can serve as a guide, helping users navigate the specifics of filling out their forms while ensuring compliance with procedural requirements.
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Additionally, pdfFiller ensures robust security and compliance measures, offering peace of mind when handling sensitive documents. Users are encouraged to explore more resources available within the platform to efficiently complete a wide range of real estate forms.
How to fill out the CHFA Form 390
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1.Access the CHFA Form 390 Deferred Payment Note by logging into your pdfFiller account and searching for the form in the template library.
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2.Open the document and familiarize yourself with the fillable fields highlighted on the form.
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3.Before starting, gather required information including your loan originator's details, property address, the total loan amount, and any shared appreciation figures.
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4.Begin filling in the 'Loan Originator Organization Name' and 'Loan Originator Organization NMLSR ID#' fields accurately.
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5.Continue to complete the individual loan originator's information, ensuring the names and NMLSR IDs match official documents.
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6.Fill in the 'Note Date' and the 'Property Address' sections with precise details to avoid issues later.
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7.Enter the 'Loan Amount' clearly, followed by the 'Shared Appreciation' terms as agreed upon.
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8.Specify the 'Time and Place of Payments' according to the loan agreement, ensuring clarity in the repayment structure.
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9.For the borrower's signature section, make sure the spaces for signatures and dates are left empty for the actual signing.
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10.Review all entered information for accuracy and completeness before finalizing the document.
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11.Once satisfied, save your progress and either download the filled form or submit it directly through pdfFiller based on your preferences.
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12.Keep a copy for your records and ensure the form is submitted to the necessary parties as per your transaction requirements.
Who is eligible to use the CHFA Form 390?
Homeowners in Colorado applying for a second mortgage through the Colorado Housing and Finance Authority are eligible to use CHFA Form 390. Ensure you meet all requirements specified by the CHFA program.
What are the deadlines for submitting CHFA Form 390?
Deadlines can vary based on your loan program and transaction specifics. It's advisable to check with your lender or the CHFA for specific time frames regarding form submission to avoid delays in processing.
How do I submit the completed CHFA Form 390?
The completed CHFA Form 390 can be submitted directly to your lender or real estate agent. Alternatively, you may follow submission guidelines provided by the Colorado Housing Finance Authority for processing.
What supporting documents do I need to provide?
Alongside the CHFA Form 390, you may need to provide personal identification, proof of income, and documentation regarding the property involved. Make sure to consult with your lender for complete requirements.
What common mistakes should I avoid when filling out this form?
Ensure all fields are filled correctly and match official documentation. Common mistakes include inaccuracies in signatures, loan amounts, and missing information which can delay processing.
How long does it take to process the CHFA Form 390?
Processing times for CHFA Form 390 can vary based on the lender's timeline and current workload. Typically, allow several business days to a couple of weeks for processing.
Is notarization required for this form?
No, notarization is not required for the CHFA Form 390. However, remember to check if other documents in your transaction may need notarization.
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