Down Payment Assistance Still Available in Colorado!
Yes, it’s still possible to buy a home with as little as $1000 down in Colorado, with Colorado’s CHFA (Colorado Home Finance Authority) program.
CHFA has programs for both first time home buyers as well as non first time home buyers. CHFA was created in 1973 by the Colorado legislature in response to the lack of affordable housing.
CHFA offers down payment and closing cost assistance. CHFA advises that they offer “…30-year, fixed rate, affordable interest loans through our network of approved lenders. You can apply through a participating lender, a CHFA approved bank or a financial institution. After loan approval, CHFA services your mortgage which means you’ll always make your payment to CHFA. We’ll work closely with you to try to overcome any difficulties that could cause you to default on your loan.”
CHFA does have income limits for their loan programs. (For example only; CHFA covers all of Colorado)
For CHFA FirstStep, CHFA Statewide Mortgage Credit Certificate (MCC) Program, CHFA SectionEight Homeownership Program:
In non targeted areas in Denver Metro area the income limit for 1-2 person households is $75,900, for 3+ person household, $87,200. Purchase price limits for new and existing homes is $365,600. Limits are higher in specific targeted areas.
In the Boulder area, the income limit for 1-2 person household is $89,600, for 3+ household, $103,000, and the purchase price limit is $414,000.
For the CHFA HomeOpener and CHFA HomeOpener Plus programs:
In non targeted areas in Denver Metro area the income limit for 1-2 person household is $87,200, and for 3+ person household, $98,600.
In the Boulder area, income limit for 1-2 person household is $103,000, and for 3+ household $116,400.
(The income limit refers to the gross annual income from all occupants of the property, age 18 and older.)
CHFA requires successful completion of an applicable home ownership class, which is available on-line or in person, and free.
The first step in homeownership via the CHFA program is contacting an approved CHFA lender and a qualified real estate broker experienced with this program and working with first time home buyers and repeat buyers, and who will provide full service to buyers at no charge to the buyers.
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