Using the recently developed Nth-order muffin-tin-orbital (NMTO) based downfolding technique we revisit the electronic properties of half-metallic ferromagnets, the semi-Heusler NiMnSb and rutile CrO2. The NMTO Wannier orbitals for the Mn-d and Cr-t2g manifolds are constructed and the mechanism of chemical bonding is discussed. The effective hopping Hamiltonian parameters are calculated using a NMTO downfolded basis set. We propose model Hamiltonian parameters with possibly minimal basis sets for both half-metallic ferromagnetic alloys.