Speak to a mortgage specialist: (303) 740-8300
CHFA First Generation Program
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Down Payment Assistance: This program is designed specifically for individuals and families who are first-generation homeowners.
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$25,000 Assistance: Eligible buyers can receive $25,000 in financial assistance, which can be used in various ways: toward your down payment, covering closing costs, reducing the principal balance on your first mortgage, or even prepaying HOA fees for several months.
CHFA First Generation Program Ins and Outs
The CHFA First Generation program is designed to help first-time homebuyers in Colorado who are the first in their families to pursue homeownership. This program provides financial assistance and support, making it easier for eligible buyers to achieve their dream of owning a home.
Eligibility Requirements:
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A first-generation homebuyer is any borrower who has never owned a home and whose parents or guardians have never owned a home.
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Must qualify as a "first-generation" homebuyer, meaning neither the borrower nor their parents or guardians have ever owned a home.
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An exception is made for those who have lived in the foster care system; they are not required to meet the first-generation criteria but must have never owned a home.
Down Payment and Closing Cost Assistance:
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Provides $25,000 of the first mortgage loan amount for down payment and/or any loan closing costs.
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Assistance is provided as a silent second mortgage that carries no interest and does not require repayment until the end of the loan term or when the home is sold.
Income Limits and Purchase Price Limits:
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Income limit is $162,960
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Purchase price limits vary by county but range from $510,930-$766,550
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These limits are in place to ensure the program serves low- to moderate-income borrowers.
Homebuyer Education
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Completion of a CHFA-approved homebuyer education course is required for all borrowers.
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This education equips homebuyers with the knowledge and tools needed for successful homeownership.
Ready To Explore Your Options?
Connect with us today to learn more about your eligibility and how this program can help you achieve your dream of owning a home in Colorado. Complete our short inquiry form or give us a call anytime at 303-740-8300
