Colorado Housing & Finance Authority (CHFA) has been around since 1973 and they help people finance their homes throughout Colorado. They offer some really neat programs and they have just come out with two new programs called CHFA Firststep and CHFA Firststep Plus.
Here's How it Works:
CHFA can help make your first home* purchase a safe, affordable, and understandable process. This program has a fixed interest rate (today, the rate is 5.25%) and even an optional CHFA Second Mortgage Loan to use for down payment and closing cost assistance. The buyer must contribute at least $1,000 of their own funds towards the purchase, yet seller paid closing costs are allowed.
The CHFA FirstStep program is a tax exempt first mortgage loan for first time* homebuyers. It offers affordable interest rates and a 30-year term. There are income and purchase price limits.
The CHFA FirstStep Plus program includes a second mortgage loan for help with down payment and/or closing costs. Just like the CHFA FirstStep, this loan has a 30-year term and market interest rate (the same as the first mortgage).
Here's How You Qualify For Either Program:
- you must be a first time* homebuyer
- your income and the purchase price must be within the limits
- you must attend a First Time Homebuyer Education class
- you must contribute a minimum of $1,00 of your own funds toward the purchase of the home
- you must have a minimum credit score of 580
Only approved lenders can offer these programs, so please contact me if you are interested in getting pre-approved for a loan or if you have further questions about if this program is right for you. I'd be happy to put you in touch with one of several lenders I work closely with. If you have any real estate or housing needs or questions, please let me know as I'm happy to help you sell your current home or help you buy your next!
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