What is that building on 19th & Blake? We may have all passed it going to a Rockies game, or a night out in Lodo. Who and what is CHFA? For most of us we may have only heard about them through either the news or maybe a friend of a friend, but who are they really and how could they be important to you?
For starters CHFA is the Colorado Housing and Finance Authority. They have been in business since 1973. Their mission is to help finance the places we live and work by providing fixed rate loans to homebuyers, small to medium sized businesses and multifamily rental housing developers. They also provide home buyer education and foreclosure prevention classes.
So what does this mean to you? If you are like the majority, you may be struggling to provide a down payment for your home purchase. CHFA understands that and is a resource to turn to, one requirement is you will need to provide at least $1,000 towards your purchase. CHFA not only offers down payment assistance programs but also loan programs for the less then perfect credit (620 lowest). They also offer FREE home buyer education, which is required to be taken if using any of their loan programs. I highly recommend these classes, as per my last post, home buyer education is extremely important. Buying a home is one of the biggest investments you will make, you should be educated to help you better understand the process. They do offer classes online but I still highly recommend physically attending a class.
Now you can’t go directly to CHFA to acquire a CHFA loan, you are able to go through your own lender, but be mindful that not many lenders in Colorado are CHFA approved. CHFA has specific requirements in order to be approved to originate a CHFA loan, so make sure to ask your lender if they are CHFA approved. (FYI- We are!)
CHFA also offers foreclosure prevention awareness. CHFA was awarded grants totaling nearly $5.3 million from NeighborWorks America to increase foreclosure prevention activities throughout the state. Using these funds, CHFA has partnered with 13 nonprofit housing counseling agencies to provide free, professionally trained foreclosure mitigation counseling to homeowners at-risk of foreclosure. To date, these grant funds have helped more than 10,000 Coloradans receive free housing counseling services; helping many avoid foreclosure.
CHFA is also a proud sponsor of the Colorado Foreclosure Hotline, 1-877-601-HOPE. Since its inception in 2006, four out of five homeowners who have met face-to-face with a housing counselor through the Hotline have found a successful resolution to their foreclosure situation.
If you would like to read more on CHFA and what they have to offer please check out their website here. If you have any questions regarding CHFA and how they could be of assistance to you please feel free to call or email me. Click here if you would like to complete a secured online loan application.
Also, CHFA is a provider of the MCC program! Make sure to read more about this program.
Summit Home Mortgage
303-779-0591 ext. 101