A Loan With Educators in Mind
CHFA provides a variety of mortgage programs to home buyers in Colorado, and they now offer a Down Payment Assistant Grant with several of their programs which covers closing costs and/or down payment funds. Most CHFA programs do not require borrowers to be first-time home buyers, but they do require a $1,000 minimum financial investment (which can be gifted). Borrowers must meet program income limits, and the transaction must meet underwriting guidelines.
The CHFA Program Difference
- Down payment may come from gift funds.
- No monthly mortgage insurance required.
For Homeowner Plus
- Down payment determined by FHA/VA/USDA guidelines Down Payment Assistance Grant available.
- Monthly mortgage insurance required.
For Smart Step Plus
- Down payment can be covered by the CHFA Down Payment Assistance Grant.
- Offers CHFA’s lowest interest rate.