Are you’re dreaming of owning a home in the beautiful state of Colorado but worried about coming up with a down payment, I’ve got great news for you. I’m excited to share how the Colorado Housing and Finance Authority, or CHFA, can help you with their Down Payment Assistance program.
CHFA has been helping Colorado residents become homeowners for over 40 years. Their Down Payment Assistance program is designed to make homeownership more accessible and affordable for individuals and families across the state.”
One of the biggest barriers to buying a home is saving up for a down payment. With CHFA’s Down Payment Assistance, qualified buyers can receive a grant or a second mortgage to help cover this cost. This means you can move into your dream home sooner without the stress of needing a large sum of money upfront
How Does CHFA Down Payment Assistance Work
First, you need to qualify for a CHFA loan program. This typically involves meeting certain income and credit requirements. The good news is that CHFA offers a variety of loan options, so there’s a good chance you’ll find one that fits your needs.
CHFA income levels vary by location and household size but generally the income limits are generally up to $140,000 to $160,000 in our area depending on your family size. Typically to qualify for the CHFA down payment assistance program your credit score needs to be around 620.
Getting qualified for a CHFA loan is personalized by individual and family size so you do need to speak to a CHFA loan professional to find out how much assistance you qualify for.
The CHFA program has helped people purchase homes for as little as a $1,000 down!!
The amount of assistance you can receive varies. CHFA offers up to 3% of your first mortgage loan amount as a grant, which you don’t have to repay. Alternatively, you can opt for a second mortgage loan of up to 4%, which is repaid over time but can help cover more substantial down payment needs.
Owning a home is more than just a financial investment; it’s a place where memories are made and dreams are realized. With CHFA’s Down Payment Assistance program, that dream is within reach. If you have any questions or need guidance, feel free to reach out to me. I’m here to help you every step of the way.
Fill out the form today and find out if you can take advantage of the CHFA Downpayment assistance program.
Together with CHFA we can make your home ownership dreams a reality.
