CHFA Grant Program – Down Payment Assistance
CHFA Grant Program The number one hurtle first time home buyers constantly struggle with is the traditional down payment needed to start your investment. If having a down payment has been a source of frustration in the past, you are not alone. CHFA has a down payment assistant grant created to help Colorado residents become home-owners. CHFA's new grant is available to either first-time or non-first-time homebuyers under most of its 30-year, fixed rate, first mortgage loan programs. Borrowers who meet income requirements, have a mid-credit score of 620 or higher, contribute $1,000 toward the transaction, and complete a CHFA homebuyer education class (online or in-person) prior to loan closing may be eligible. CHFA has been offering down payment assistance in various forms since 1991, and this is the first time in more than 10 years CHFA has offered a grant as part of its loan programs for homebuyers. The CHFA grant program may be used toward the down payment, closing costs and/or other fees. Below is the details to get started moving forward today.
How much Assistance can I get?
You can get a grant for up to 3 percent of your first mortgage loan to help cover some of your down payment and/or closing costs. That would mean up to a $5,100 for a $170,000 for your first mortgage loan. Another benefit of this program is you never have to pay it back. With the CHFA DPA grant, you can have the freedom of owning your own house and not stress about ever paying it back.
How can this Grant be used?
- Save money up-front Use the CHFA DPA Grant to help with your down payment, closing costs, and/or prepaids.
- Keep your savings Use the CHFA DPA Grant and keep more of your money in savings.
- Improve your new home Use the CHFA DPA Grant to leave more of your money available to make your home your own.
How To Qualify:
- Your total household income and the purchase price must be within the limits. Income Limits can be found at: http://www.chfainfo.com/participating-lenders/single-family/forms/CHFA_Income_Limits.pdf
- You must complete a CHFA homebuyer education class (online or in-person) prior to loan closing
- You must contribute a minimum of $1,000 toward the purchase of a home
- You must have a mid-credit score of 620 or higher
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.