CHFA & 

DOWN PAYMENT ASSISTANCE

Dont have 20% for a down payment?  No worries, these programs can help 

CHFA (Colorado Housing and Finance Authority) has some awesome options:

CHFA DPA GRANT:

This might be the best kept secret in Real Estate, but the government will straight up give you money toward your first house. Money that you don't have to pay back.

** Up to 4% of your first mortgage

** No repayment required!

** Higher interest rate does apply

CHFA PREFERRED:

conventional loan that requires only 3% down which can be coupled with down payment assistance grant to make your total down payment as low as 0.5%!! 

  Requires:

** Only 3% down payment! (can be a gift)

** Can be coupled with DPA grant (bringing down payment as low as 0.5%)

** Income of less than $80,000

** Credit score of at least 620

** Must complete one time homebuyers education class

** Needs Private Mortgage Insurance

CHFA ADVANTAGE:

This amazing program lets you get a conventional loan with only 3% down and no Private Mortgage Insurance

  Requires:

** Only 3% down payment! (can be a gift)

** No private mortgage insurance! (typically you must pay extra for this unless you put 20% down)

** Income of less than $80,000

** Credit score of at least 680

** Must complete one time homebuyers education class

CHFA SMARTSTEP:

This wonderful program lets you get CHFA's lowest interest rate with only 3% down and can be coupled with DPA grant.

  Requires:

** Only 3% down payment! (can be a gift)

** Income of less than $80,000

** Credit score of at least 620

** Must complete one time homebuyers education class