Previously, I discussed the CHFA Advantage loan program, how it works, who is eligible and why you would want to consider the CHFA Advantage. Today I want to inform you about other programs CHFA has to offer. As stated before CHFA’s mission is to assist Coloradans access to home ownership.
Many of us don’t have the funds for a down payment, which is what hinders us from buying a home. This is where CHFA can help.
They have two great programs that offer down payment assistance, the Homeopener Plus and Smartstep Plus, both of these programs offer a fixed interest rate with a second mortgage loan to use for down payment assistance and/or closing costs.
Both require that you complete the homebuyer education class (which again, I HIGHLY recommend), contribute a minimum of $1000* toward the purchase (*can be gifted). You must meet income and purchase price limits. The difference between the two is that the Homeopener has a higher rate because it allows higher income limits and no purchase price limit (please note this is a FHA and/or VA loan so there are max loan limits).
Both of these programs also allow you to apply the MCC (make sure to find out more on the MCC), although please note that both of these programs do not require to a first time home buyer but the MCC does.
You must work with an approved CHFA lender, in fact there only a handful of lenders (7 to be exact) who are approved with CHFA as well as the MCC & Metro Mortgage Assistance Program a.k.a. MMA (which we are on of the 7)!