Colorado Specific Home Loan Programs: Everything You Need to KnowIf you are interested in securing a Colorado home loan, you have come to the right place! It is however very important to do your homework and ask questions before jumping into a mortgage. The good news is, there are some exciting Colorado home loan programs, available through CHFA, that can help make your piece of the American dream a reality. Let’s take a closer look at some of the most attractive Colorado specific home loan programs.

CHFA Loans

The Colorado Fair Housing Act (CHFA) was created in 1973 in order to invest in affordable housing projects and community development. In partnership with similar organizations, CHFA has invested upwards of $12.2 billion in the Colorado economy over the past 44 years. They have done so by helping local residents reach homeownership, hosting homebuyer education classes, helping businesses secure capital and more. The CHFA has helped to make the dream of homeownership attainable for thousands of Colorado residents over the past 4 decades.
CHFA loans are designed to help residents make affordable, responsible homebuying decisions. CHFA loans can be used to purchase or refinance an existing Colorado home loan. In addition, they offer grants for down payments and closing costs.

CHFA Advantage

The CHFA Advantage Colorado home loan program is intended to help those with a minimum mid credit score of 680. Qualified candidates can obtain a fixed rate 30-year mortgage, for a 3 percent down payment with no Private Mortgage Insurance (PMI), a savings that adds up quickly! Refinancing under this program is also available for those with a minimum mid credit score of 680 and at least 3 percent equity in their home.

CHFA Preferred

The CHFA Preferred Colorado home loan program gives potential homeowners the option to apply for a CHFA Down Payment Assistance Grant (CHFA DPA Grant) to help with closing costs, down payment and/or prepaids. Closing cost assistance is also available through Borrower Premiums for 1 to 2 percent of the applicant’s first mortgage, though higher interest rates apply. To qualify for this program, the borrower must have a mid credit score of 620 or higher, must meet certain borrower income limits, attend a homebuyer education course and contribute at least $1,000 to the purchase of the home.

CHFA Smartstep

The CHFA Smartstep Colorado home loan program gives potential homeowners access to the CHFA’s lowest interest rates. To qualify borrowers must have a mid credit score of 620 or higher, meet certain income limits, attend a homebuyer class and contribute at least $1,000 to the purchase of the home. The CHFA SmartStep can also be used with CHFA’s down payment and closing cost assistance programs.  

CHFA Homeopener

The CHFA HomeOpener purchase mortgage program is open to all homebuyers with at least a mid credit score of 620. This program has higher income limitations than other CHFA loan programs and comes with no purchase price mandates. To be applicable, borrowers must have a mid credit score of 620 or higher, must contribute at least $1,000 to the purchase of the home and complete a CHFA homebuyer class.

CHFA Homeaccess Qualifications

The CHFA HomeAccess Colorado home loan program is designed to provide assistance to those with a permanent disability or to the parents of a permanently disable child. CHFA also provides an optional $25,000 HomeAccess Second Mortgage to help cover down payment and closing costs. To be eligible for HomeAccess, applicants must be a first time homebuyer, or have not had ownership interest in a property for at least three years prior to closing. In addition, candidates must have a mid credit score of 620 or higher, meet predetermined income limits, contribute at least $750 toward the purchase of the home and complete a CHFA homebuyer course.

The CHFA Colorado home loan programs provide exciting financing options for area residents interested in investing in the booming real estate market. At Banner Mortgage, we are proud to help potential home buyers take advantage of the mortgage opportunities available to them. From VA home loans to CHFA loans, we have the knowledge and expertise to help you take full advantage of the programs for which you are eligible.

Are you ready to learn more? Contact us today! Allow us to answer your questions and help you explore your options. Let’s get started today!