Homebuyers using one of our first mortgage loan programs to finance their home purchase are eligible to use CHFA assistance options to help with down payment and/or closing costs. Even if you contribute towards a down payment, you may still use one of the options below.
If you haven't owned a home in the past three years, qualified buyers can purchase a home with as little as $1,000 down and receive up to 4% for assistance toward down payment and closing costs.
Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or the sale or refinance of the home.
Zero-percent silent second, no monthly payments required, no accrued interest. Second must be paid in full upon sale, refinance, or if property is no longer the borrower's primary residence.
Hable con nosotros ahora sobre asistencia en su primer compra de casa. Obtenga asistencia para ayudar con su deposito inicial y costos de cierre.
What Are the Eligibility Requirements for Down Payment Assistance Programs?
Statewide income limits. In Colorado, these down payment assistance options require a statewide income limit of $115,600, regardless of county, targeted or non-targeted area, or household size. This restriction applies to all counties statewide across Colorado. Programs are available nationwide and income limits may vary in other states.
Homebuyer education. CHFA requires all borrowers and co-borrowers to individually complete an online or classroom-based CHFA-approved Education homebuyer education course provided by a CHFA-approved provider, prior to the closing date.
First-time homebuyer status. Borrowers must be first-time homebuyers or qualified veterans. Keep in mind that first-time homebuyers are defined as someone who has not owned a home in three years, so if you've been renting for the past four years, you're a first-time homebuyer again!
Required money down. A minimum financial investment of $1,000 is required from the homebuyer to go toward the purchase of the home.
Must be your primary residence. Investors need not apply. The home must be occupied as a primary residence in order to qualify. Programs are eligible for single-family, one unit, attached, and detached homes; attached and detached Planned Unit Developments (PUDs); condominiums; and manufactured housing on a permanent foundation. homes, town homes and condos.
Home sales price. In Colorado, the maximum loan limit for all mortgage loans is the lower of $453,100 or the amount determined by the applicable FHA, VA, or USDA-RD guidelines.
Programs available everywhere. Many homebuyers mistakenly believe down payment programs are available only in certain areas. In fact, down payment assistance programs are available in every community across the country and often for homes at price ranges above the median sales price for a given area.