With CHFA Preferred, you could save money up front and throughout the life of your loan with a lower down payment requirement and lower monthly mortgage insurance payments than similar programs in the market.
The CHFA Preferred loan may be paired with CHFA’s down payment and closing cost assistance programs.
CHFA Preferred offers the following unique benefits:
- Only 3 percent down payment requirement (similar conventional programs require 5 percent)
- An optional CHFA Down Payment Assistance Grant (CHFA DPA Grant) to help cover down payment, closing costs, and/or prepaids
- Reduced-cost mortgage insurance
- The possibility to cancel your monthly mortgage insurance payments once you reach 80 percent loan-to-value (competing FHA mortgage programs do not allow the same flexibility)
- Eligible homebuyers may also be able to increase their savings with a CHFA Mortgage Credit Certificate (CHFA MCC).
CHFA Preferred Qualifications
Applicants must meet the following minimum criteria:
- Have a mid credit score of 620 or higher
- Meet income limits
- Complete a CHFA-approved homebuyer education class prior to loan closing
- Contribute a minimum of $1,000 toward the transaction
Looking to the Future
Want help or advice to start moving forward into a new home, we would love to help at Colorado Mortgage Group. Call today at (303) 444-5251 or email us at Info@cmglending.com.