Down Payment Assistance
Colorado Housing & Finance Authority (also known as “CHFA”) Provides Two Primary Options for Down Payment Assistance.
Down Payment Assistance Grant
• Up to 3% of your first mortgage (Example: Get up to $9,000 on a $300,000 mortgage).
• No repayment of grant is required.
Second Mortgage Loan
Also called a “silent second”. No payments are made on the second loan amount.
- Up to 4 percent of your first mortgage (Example: Get up to $12,000 on a $300,000 mortgage).
- Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or
the sale or refinance of the home.
The following are some of CHFA’s general requirements
- All borrowers have a mid-credit score of 620 or higher.
- Attend a CHFA-approved homebuyer education class (in person or on-line) prior to loan closing (purchase only).
- Make a minimum borrower financial contribution of at least $1,000 toward the purchase of the home.
- All CHFA programs have income limits. Income limits are based on household size, county, targeted or non-targeted area, and CHFA loan program.