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Welcome to the North Star Team blog at Navigate Realty! Today, we're excited to provide you with essential information about the CHFA (Colorado Housing and Finance Authority) Down Payment Assistance Program. This program can be a game-changer for many aspiring homeowners in Colorado, helping to make the dream of homeownership more attainable.

What is the CHFA Down Payment Assistance Program?

The CHFA Down Payment Assistance Program is designed to help Colorado residents with the upfront costs of purchasing a home. This program offers valuable financial assistance, making it easier for buyers to secure their dream home.

Key Requirements for CHFA Assistance

To qualify for the CHFA Down Payment Assistance Program, borrowers must meet several important criteria:

• Credit Score: A minimum credit score of 620 is required.

• Income Limits: There are income limits that vary depending on the number of dependents living in the household. These limits can be tricky to calculate, so it’s crucial to speak with a lender to determine your eligibility.

• Homebuyer Education: Borrowers must complete a CHFA-approved homebuyer education class before their home purchase is finalized.

• Minimum Contribution: Borrowers need to contribute at least $1,000 of their own money toward the purchase of their home.

• First-Time Homebuyer Status: You don’t have to be a first-time homebuyer to qualify for this program.

• Purchase Price Limits: The purchase price of the home can be up to $720,000 to $740,000, depending on the location.

CHFA Down Payment Assistance Options

The CHFA program offers two types of assistance: a grant and a second mortgage. Here’s a closer look at both options:

• CHFA Grant

  • Amount: Up to $25,000 or 3% of your mortgage.

  • Repayment: No repayment is required. This grant provides significant financial relief, making it easier to manage your down payment and closing costs.

• CHFA Second Mortgage

  • Amount: Up to $25,000 or 4% of your first mortgage.

  • Repayment: Repayment of the loan balance is deferred until certain events occur, such as the payoff of your first mortgage, the sale or refinance of the home, or if the home is no longer your primary residence.

Why Choose the North Star Team at Navigate Realty?

Navigating the complexities of the CHFA Down Payment Assistance Program can be challenging, but you don’t have to do it alone. The North Star Team at Navigate Realty is here to help you every step of the way. Our experienced agents understand the ins and outs of this program and can provide personalized guidance to ensure you make the most of the available assistance.

Listen to Expert Insights

For an in-depth discussion about CHFA loans, we invite you to listen to the audio conversation between our brokerage owner, Ann Wymore, and mortgage loan expert, Bryce Waite of Source Mortgage Group. Gain valuable insights from industry leaders and learn how the CHFA Down Payment Assistance Program can benefit you.

Listen to the audio now!

Get Started Today

Are you ready to take advantage of the CHFA Down Payment Assistance Program? Contact the North Star Team at Navigate Realty today! Our expert agents are here to answer your questions, connect you with trusted lenders, and guide you through the entire homebuying process.

Don’t miss out on this incredible opportunity to make homeownership a reality. Reach out to us now and let the North Star Team light your way to your dream home!