What is CHFA?
Colorado Housing and Finance Authority (CHFA) is a state agency that provides affordable housing and community development solutions. CHFA offers a variety of loan programs for homebuyers, including down payment assistance grants and second mortgage loans.
CHFA Loan Programs:
- CHFA Down Payment Assistance Grant
- Equal to the lesser of $25,000 or 3% of the total loan amount.
- CHFA Down Payment Assistance Second Mortgage Loan
- Equal to the lesser of $25,000 or 4% of the total loan amount. The loan is deferred until certain events, such as the payoff of the first mortgage loan, the sale or refinance of the home, or if the home is no longer owner-occupied.
CHFA Program Requirements:
To qualify for a CHFA loan, borrowers must meet the following requirements:
- Have a mid-credit score of 620 or higher
- Total borrower(s) income must not exceed CHFA’s income limits
- Attend a CHFA-approved home buyer education class
- Make a minimum required investment of $1,000 toward the purchase of the home
CHFA Mortgage Programs:
CHFA mortgage programs are available to first-time and non-first-time Colorado home buyers. CHFA offers a variety of loan products, including:
- 30-year, fixed-rate government (FHA) and Conventional mortgage loans to purchase or refinance a home
- Down payment assistance grants and second mortgage loans for down payment and/or closing cost assistance (purchase only)
How to Apply for a CHFA Loan:
To apply for a CHFA loan, borrowers must contact a CHFA-approved lender such as Security First Financial.
If you are interested in applying for a CHFA loan, contact Security First Financial today or fill out our short and secure online application...
Click Here to Apply Now
Once you have submitted your application, a Security First Financial loan officer will review your file and contact you to discuss your eligibility.
Benefits of CHFA Loans:
CHFA loans offer a number of benefits to homebuyers, including:
- Down payment assistance grants and second mortgage loans
- Lower interest rates than conventional loans
- Easier qualification requirements
If you are a first-time or non-first-time homebuyer in Colorado, CHFA loans may be a great option for you.
If you are interested in learning more about CHFA loans, contact Security First Financial, a CHFA-approved lender. We will be happy to answer any questions you have and help you get started on the path to homeownership.
*First lien interest rates may be higher when using a DPA second. Closings costs and fees may still apply.
**CHFA down payment assistance can only be used when paired with a first mortgage loan under a CHFA program. Higher interest rates apply.