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Writer's pictureMillie Zapata
Aug 21, 20232 min read

CHFA Down Payment Assistance: A Quick Overview for Colorado First-Time Homebuyers

Understanding the complexities of home buying can be overwhelming. Yet, with the right information at your fingertips, it becomes a lot easier. If you're a first-time homebuyer in Colorado, the CHFA down payment assistance (DPA) programs offer an incredible opportunity.




What is CHFA?


DPA Options from CHFA:

Down Payment Assistance Grant:

  • Get up to $25,000 or 3% of your mortgage.

  • No need for repayment.


Silent Second Mortgage Loan:

  • Offers up to $25,000 or 4% of the mortgage.

  • Repayment is deferred until specific events like selling your home, refinancing, or paying off your first mortgage.


Eligibility Criteria:

  • Credit score: Must be 620 or above.

  • Income: Should be within CHFA's set limits.

  • Education: Attend a CHFA-approved homebuyer class, online or in-person.

  • Financial Contribution: A minimum of $1,000 towards your home purchase. This means you could potentially buy a home with as little as $1,000 down!


Why The Nick Barta Team at Security First Financial?

  • Recognized as Colorado's top down payment assistance lender.

  • Known for their local expertise and professional guidance tailored for Colorado first-time homebuyers.

  • Closings in as little as 21 days.


Taking the Next Step: If you're considering taking advantage of these opportunities, ensure you're well-informed and guided by the best in the industry.

  • Apply Now with The Nick Barta Team and gain unparalleled assistance in your homeownership journey.

In conclusion, with diligent research, the right support, and understanding of available financial aid like the CHFA programs, owning your dream home in Colorado becomes a tangible reality.



 

*First lien interest rates may be higher when using a DPA second. Opinions expressed are solely my own and do not express the views of my employer. Pre-approvals are given to clients who have met qualifying approval criteria, for specific loan requirements, and have been pre-approved by a PRMI underwriter.


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*No down payment loans: Closing costs and fees may still apply. First lien interest rates may be higher when using a DPA second. Opinions expressed are solely my own and do not express the views of my employer. Pre-approvals are given to clients who have met qualifying approval criteria, for specific loan requirements, and have been pre-approved by a PRMI underwriter. VA home loan purchases, have options for 0% down payment, No private mortgage Insurance requirements, competitive interest rates, with specific qualification requirements. VA Interest rate reduction loans (IRRRL) are only for Veterans who currently have a VA loan, current loan rate restrictions apply, and limits to recoupment of costs and fees apply. VA Cash-out Refinances are available for Veterans with or without current VA loans. Policies and guidelines may vary and are subject to the individual borrower(s) qualification. Program and Lender overlays apply.

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