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Colorado Housing & Finance Authority (CHFA)

Program Overview

Colorado Housing & Finance Authority (CHFA) is a program that provides down payment assistance to those who might not otherwise be able to obtain a home loan. All properties in the state of Colorado would be eligible for this program.

Who is eligible for this program?

Borrower must contribute a minimum of $1,000.00 towards the purchase. This may come from a gift, second mortgage, or similiar source subject to the requirements of the mortgage insurer or guarantor. The participating lender must qualify the home buyer for a mortgage loan. The buyer cannot own any other property at the time of closing. Please refer to: www.colohfa.org for the most current income limits. New limits are effective 1/3/06. Income limts are broken down by number of persons in the household and they are also broken down by each individual county. The table on the CHFA website will also give you the new purchase price limits set out in each individual county. All persons the age of 18 and over, who will live in the mortgaged property and will not be on the Note or Deed, must disclose all sources of income, including alimony or child support. All co-borrowers must occupy the residence. Funds can be used for down payment assistance on home purchases only. Construction to permanent financing is not available under this program. Is this program for first time buyers only? No

Property Eligibility Requirements

All properties located in the state of Colorado would be eligible for this program. Allowable property types: New or existing single family homes, FHA approved condos, PUDs, and manufactured homes on a permanent foundation. Land on which property is situated may not exceed 5 acres. No more than 15% of the property can be used for trade or business purposes. Owner occupied primary residences only.

Benefit Details

The programs is for a 30 year fixed rate home mortgage. Conventional, FHA and VA financing options are available. A participating lender must qualify the borrowers according to their lending guidelines. There are no prepayment penalties. The maximum down payment assistance is up to 3% of the total first mortgage loan amount. Mortgage amount cannot exceed that allowed by the insurer. Benefit: The program benefits buyers who might not otherwise be able to purchase a home without down payment assistance. Loan Term: 30 years Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: No cash back to borrower from the transaction is permitted. Any excess of the down payment assistance must be used to reduce the principal mortgage loan amount.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.