CHFA supplies different loan programs, each of which is listed below. View our interest rates.
Note: To view the income and purchase price limits for all programs listed below, please click on the link in the left navigation bar. You will need Adobe Acrobat Reader, a free download, to view the document.
With these programs, you will need to consider a mortgage type: FHA, Conventional, USDA Rural Development (RD) or Veteran's Administration (VA).
Homebuyer education requirements
CHFA requires education for all our programs. First time homebuyers applying for CHFA's MRB First Step, Taxable Home Opener, and HomeAccess programs can take our new online CHFA U First Time Homebuyer course. Nonfirst time homebuyers who wish to utilize the CHFA HomeStretch program to refinance their existing mortgage can take our online CHFA U Money Management course. All CHFA programs will accept in-person CHFA Homebuyer Education provided by a CHFA-approved agency.
MRB First Step
CHFA’s MRB First Step program is a statewide first mortgage program available to first time homebuyers or individuals who have not had ownership or been listed on a title in the past three calendar years. The program offers an affordable fixed interest rate, as well as an optional second mortgage to assist with down payment and closing costs for a single family property.
To qualify, you must meet income and purchase price limits, attend a Homebuyer Education Class and contribute a minimum $1,000 to the purchase of the home. The property must be occupied by the homeowner and not used as a rental property. If and when you sell your home, CHFA will reimburse you for the full amount of the Federal Recapture Tax that you actually paid through CHFA's Federal Recapture Tax Reimbursement program.
If your household income exceeds the MRB First Step income requirements, you may be eligible for the Taxable Home Opener program listed below.
Taxable Home Opener
If you’re not a first time buyer and don’t want to be restricted to a purchase price ceiling, you may be eligible for CHFA’s Taxable Home Opener program. This statewide first mortgage program accepts higher incomes than the MRB First Step. It offers a competitive interest rate and an optional second mortgage to assist with down payment and closing costs for a single family home.
Homebuyers are required to contribute a minimum $1,000 to the purchase of the home. The property must be occupied by the homeowner and not used as a rental property. These loans are not subject to the Recapture Tax.
CHFA HomeStretchsm
This new 40-year fixed interest conventional loan program can be used for the acquisition or refinance of a home, and is designed to be an affordable alternative to ARMs and interest-only mortgage products. With HomeStretch, we offer you security with flexibility.
This loan has higher income limits (the same as our Taxable Home Opener program), no purchase price/home value limits, no first time homebuyer requirement, no prepayment penalties and no Recapture Tax. You can also take advantage of an optional 0% interest rate second mortgage, available for 3% of the first mortgage, to be used toward down payment, closing costs, prepaids and/or prepayment penalties.
An optional budget drafting payment plan is available, in which one half of the total mortgage payment is electronically withdrawn from your checking or savings account every other week. You will still pay the same monthly rate, but this system can reduce your loan term from 40 years to 28 years.
This program includes Involuntary Unemployment Insurance, provided through Genworth, MGIC, and RMIC, during the first three years of the loan.
Eligibility requirements:
- You must have a credit score of 620 or above.
- If you are refinancing, you must be current on payments.
- You must supply a $500 minimum financial investment (if refinancing, it can be equity).
However,
- You cannot borrow more than the full value of the house, less $500. If you also utilize the second mortgage, you can get 103 percent LTV (105 percent LTV for a CHFA-approved third party junior lien).
Homebuyers must still take a CHFA Homebuyer Education class, whether that be in-person or online. Both our First Time Homebuyer class and our CHFA Money Management class (for current homeowners) are available online. All borrowers must be individually certified, which means each person receiving a loan must participate in the appropriate certification course. Please contact a Customer Service Representative at 303.297.7374 to confirm which class you should take.
CHFA FHASecure Refinance
This new 30-year fixed interest FHA refinance loan program can be used to refinance any conventional loan product. It has higher income limits (the same as our Taxable Home Opener program), no purchase price/home value limits, no prepayment penalites, and no Recapture Tax. You can also take advantage of an optional zero percent interest rate second mortgage, available for 3 percent of the first mortgage, to be used toward closing costs, prepaids, or prepayment penalties.
General requirements:
All conventional loans (fixed or adjustable) are eligible for our 30-year FHASecure Refinance.
If you are delinquent on mortgage payment(s), the delinquency must be attributed to an ARM interest rate reset.
- Resets must be after June 2005 or before December 2008.
- Your payment history must show that in the six months prior to the reset of the mortgage, no mortgage payments were made late (outside the month due).
- You must have paid other recurring obligations (credit card debt, student loans, etc.) on time according to FHA guidelines.
Homebuyers must complete CHFA-approved education. You may take our online Money Management class or attend an in-person First Time Homebuyer class. Above there is a link to information about both classes and schedules.
Contact a CHFA participating lender for more information. If you have any questions, you can call our toll free number, 800.877.chfa(2432).
Second Mortgage Loans
Used in conjunction with the MRB First Step or Taxable Home Opener programs, this optional loan helps with down payment and closing costs. This loan, if used, will come from the same lender as your primary loan.
The CHFA Second Mortgage Loan is available for up to 3% of the first mortgage loan amount at an interest rate of 0% and has a term of 30 years. No payment is due on this loan until the first mortgage loan is refinanced, title transferred or if the property is no longer the borrower’s principal residence.
HomeAccess Suite of Programs
People with disabilities or parents of a child with a disability may qualify for the HomeAccess and HomeAccess Plus programs. This program is available to low income, first time homebuyers or individuals who have not had property ownership or been listed on a title in the past three calendar years. You may be able to qualify for a first mortgage at a below market, fixed interest rate through the HomeAccess program or a first mortgage with an affordable fixed interest rate through the HomeAccess Plus program. There are purchase price and income limits on these loans. Borrowers who have previously owned a home and are disabled or the parent(s) of disabled children may be eligible for the Taxable HomeAccess Program. This program is not subject to the recapture tax provision.
To assist with down payment and closing costs, CHFA provides an optional $10,000 CHFA HomeAccess Second Mortgage. Used in conjunction with these two programs, this second mortgage is at a 1.5% deferred principal and interest payment; due on sale, refinance, repayment of the first mortgage or when the property is no longer the borrower's primary residence.
Mortgage Credit Certificate
Available without a CHFA first mortgage or with a CHFA Taxable Home Opener first mortgage. This program offers eligible Colorado homebuyers the ability to save money on federal income taxes by taking a 20% credit against their federal income tax liability and an 80% deduction for mortgage interest paid. Homebuyers may use that savings toward their monthly mortgage payment. Only certain communities offer this program. If or when you sell your home, the transaction may be subject to a Recapture Tax.
Current MCC holders may be eligible to have their MCC reissued upon refinance through a Reissued Mortgage Credit Certificate (RMCC), available to any county for which CHFA currently or previously issued MCCs. Contact the Home Finance Division for more information via email or call 888.320.3688.