CHFA Loans in Colorado

CHFA, the Colorado Housing and Finance Authority, helps Colorado buyers get into a home with a 30-year fixed first mortgage and optional help with the down payment and closing costs. CHFA doesn't lend directly. It works through approved lenders, and we can help you see whether a CHFA loan or a regular loan without assistance costs you less.

Who it can help

• First-time buyers
• Repeat buyers. Many CHFA programs are not just for first-time buyers.
• Buyers who have income but not a big down payment saved
• First-generation buyers and buyers with a permanent disability, who may qualify for extra help

What to know

• Pick your first mortgage. CHFA pairs its help with an FHA, VA, USDA or conventional 30-year fixed loan. The assistance only comes with a CHFA first mortgage.
• Grant option. Up to the lesser of 3% of your first mortgage or $25,000. It doesn't have to be repaid.
• Second mortgage option. Up to the lesser of 4% of your first mortgage or $25,000, with no monthly payment. You repay it when you sell, refinance, pay off the first mortgage or stop living in the home.
• Basic rules. A 620 minimum credit score, the home must be your primary residence, and income limits apply. A homebuyer education class is part of the process and can be taken online.
• Other local help. CHFA isn't the only down payment assistance in Colorado. Some cities and counties have their own programs.
• Know the tradeoffs. Loans with assistance often carry a higher rate than the same loan without it. We'll show you both side by side so you can see which costs less over the time you plan to own the home.

What to have ready

• Two years of income history
• Recent pay stubs and W-2s
• Recent bank statements
• Income for everyone in your household

We'll tell you what else we need before you pull everything together.

Wondering if you qualify?

See What You Qualify ForText UsCall (303) 931-6776

Buying in Castle Rock, Highlands Ranch, Lone Tree or Parker? We're happy to meet in person at our Lone Tree office. See all down payment assistance options.

Not all programs are available in every state. All loans are subject to credit approval. Rates, terms and conditions vary by program.

Stephanie Cramm, NMLS #243972 | David Cramm, NMLS #565968 | Xpert Home Lending, Inc. NMLS #2179191 | Equal Housing Lender