Mortgage

CHFA Down Payment Assistance Program

February 25, 2021 | by

CHFA Down Payment Assistance Program

The Colorado Housing and Finance Authority is a statewide network of participating lenders that offer:
• 30-year, fixed rate government and conventional mortgage loans to purchase a home
• Down payment assistance grants and second mortgage loans for down payment and/or closing cost assistance
• Available to first-time and non-first-time homebuyers

DPA Grant:
• Up to 3 percent of your first mortgage loan amount
• No repayment required

DPA Second Mortgage Loan:
• Up to 4 percent of your first mortgage loan amount
• Repayment deferred until certain events, such as payoff of first mortgage loan, sale or refinance of your home, or if home no longer owner-occupied

 

*Please note: CHFA down payment assistance can only be used when paired with a first mortgage loan under a CHFA program. Higher interest rates apply.

Borrowers must qualify according to the underwriting guidelines as determined by a CHFA Participating Lender. In addition, the following are some of CHFA’s general borrower requirements:
• Have a mid-credit score of 620 or higher (based on program requirements)
• Total borrower(s) income must not exceed CHFA’s income limits
• All borrowers must attend a CHFA-approved homebuyer education class
• Make a minimum required investment of $1,000 toward the purchase of the home

Call 720-235-5001 To Get Started!