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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.

 

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