CHFA DPA (Colorado Housing and Finance Authority)
While using CHFA down-payment assistance, clients typically follow this path:
Qualify for either a conventional loan (requiring a 3% minimum down-payment) or an FHA loan (mandating a 3.5% minimum down-payment). CHFA then steps in, contributing 3% towards the client’s down-payment, enhancing their primary loan. The second loan from CHFA is a 0% interest loan, with no ongoing payments—it simply needs to be settled at the time of refinance, sale, or completion. Also, enjoy mortgage insurance premium reductions on the conventional side.
To be eligible, clients must boast a credit score of 620 or higher, complete a homebuyers education course, and stay within the program’s income limits ($162,960).
Home Ready & Home Possible
Crafted to provide borrowers with enticing advantages, these programs offer discounted mortgage insurance premiums and reduced interest rates
upon completion of a home-buyer education class. Primarily tailored for those with less than a 10% down-payment, these programs were initially designed for first-time home-buyers but have now been extended to all buyers falling below the income limits.
For non-first-time home-buyers, a minimum 5% down-payment is required, while first-time home-buyers can benefit from a lower 3% down-payment. Income eligibility is capped at 80% of the Area Median Income (AMI).
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Get a Purchase Pre-Approval Letter!
If you’re serious about purchasing a home, you’ll find that you will need a pre-approval letter. You can start that process right now and it should only take a few minutes!
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Get a Purchase Pre-Approval Letter!
If you’re serious about purchasing a home, you’ll find that you will need a pre-approval letter. You can start that process right now and it should only take a few minutes!
Does Refinancing Make Sense For You?
It only takes a few minutes to check!
