Colorado Federal Housing Authority First Time Home Buyer Programs

Dated: 09/03/2019

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Many people are aware of traditional loan options for first-time buyers, but there are also several options at the state level that can help Colorado house hunters become homeowners. Here we’ll take a look at financing options available through the Colorado Federal Housing Authority (CFHA) that may just help you land the house of your dreams.

  • CHFA FirstStep loan
    By pairing a 30-year, fixed-rate loan with down payment and closing cost assistance, the FirstStep program makes it easier to buy a home. You must be a first-time homebuyer or qualified veteran or purchase in a targeted area to be eligible for the FirstStep program. You’ll need a 620 credit score to qualify, but borrowers who don’t yet have a credit score may still be eligible. FirstStep program borrowers must take a home buyer education class and contribute at least $1,000 of their own funds toward the purchase.

  • CHFA SmartStep loan
    Designed for borrowers with a credit score of 620 or higher, the SmartStep mortgage program offers CHFA’s lowest mortgage interest rates. You can combine SmartStep with a Mortgage Credit Certificate and down payment assistance for added savings. Borrowers must complete a home buyer education course and contribute at least $1,000 toward the transaction to qualify.

  • CHFA Preferred loan
    If you can make a 3% down payment and have a 620 credit score, the CHFA Preferred program provides lower mortgage insurance prices. There’s also an option to pay your entire mortgage insurance bill at closing for lower monthly payments. If you don’t have 3%, but have at least $1,000, you can use a CHFA down payment assistance program to make up the difference.

  • CHFA Advantage loan
    If you have a 680 credit score and can afford a 3% down payment, the CHFA Advantage program provides a 30-year, fixed-rate mortgage with no mortgage insurance requirement. When you combine the Advantage program with a Mortgage Credit Certificate, you’ll save even more. But you’ll still need to meet income limits and complete a home buyer education course to qualify.

The CFHA offers more resources in the way of grants and loans for those with permanent disabilities as well – it’s truly a great resource the many would-be homebuyers can use to their benefit. If you’re interested in becoming a homeowner in Denver, there are several resources available to you. Give Metrowest a shout today – we’d love to show you around!

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