With CHFA's safe, secure home loan programs, you can live the life you always wanted--owning a place of your own!
CHFA has been providing home finance loans for 35 years. When you get a CHFA loan, you can be assured you will receive our excellent customer service, secure loan products, and educational resources.
There is sure to be a CHFA loan product that meets your needs!
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, 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 programs can take our new online CHFA U First Time Homebuyer course. All other borrowers 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.
CHFA FirstStep and CHFA FirstStep Plus
The CHFA FirstStep and CHFA FirstStep Plus statewide Mortgage Loan programs are available to first time homebuyers, eligible veterans,
or non-first time homebuyers purchasing property in a targeted area. These programs offer affordable interest rates and a 30 year term. CHFA FirstStep Plus includes
a 30 year fixed rate second mortgage loan to assist with down payment and/or closing costs.
Borrowers must meet income and purchase price limits, as well as complete a CHFA approved first time homebuyer education class.
CHFA FirstStep and CHFA FirstStep Plus loans may be subject to the (CHFA reimbursable) IRS Recapture Tax and may not be used in conjunction with the Mortgage Credit Certificate (MCC) program.
CHFA HomeOpener and CHFA HomeOpener Plus
CHFA HomeOpener and CHFA HomeOpener Plus are statewide first mortgage programs available to homebuyers. There are no purchase price limits or first time homebuyer requirements, and mortgage loans originated in these programs are not subject to the Recapture Tax provision. The CHFA HomeOpener Plus program includes the CHFA Second Mortgage Loan to assist with down payment and/or closing costs for a single family property. The programs offers market interest rates.
These programs have income
limits, and to qualify, you must attend a CHFA U
First Time Homebuyer course if you are a first time homebuyer or CHFA U Money
Management course if you are not a first time homebuyer. You must also contribute a minimum $1,000
of your own funds to
the purchase of the home. The property must be occupied by the homebuyer and not used as a rental property.
CHFA Second Mortgage Loan
Used in conjunction with the CHFA FirstStep Plus and CHFA HomeOpener Plus 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 percent of the first mortgage loan amount at the same interest rate and term (30 years) as the first mortgage.
Monthly payments are due on this loan at the same time the payments on
the first mortgage loan payments are due. If the first mortgage is refinanced, title transferred, or if the property is no longer the borrower’s principal residence, the CHFA Second Mortgage Loan is due and payable in full. The CHFA Second Mortgage Loan can not be subordinated to any new first mortgage other than one offered by CHFA.
CHFA HomeAccess
People with disabilities or parents of a child with a disability may qualify for the HomeAccess program. 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. There are purchase price and income limits on these loans.
To assist with down payment and/or closing costs, CHFA provides an optional up to $25,000 CHFA HomeAccess Second Mortgage Loan. Used in conjunction with the HomeAccess first mortgage, this second mortgage is at a zero percent (0%) deferred principal payment. Payment is not due until the sale, refinance, or repayment of the first mortgage, or when the property is no longer the borrower’s primary residence.
CHFA SectionEight and SectionEight Plus Homeownership programs
Renters who receive Housing Assistance Payments (HAP) from Public Housing Authorities(PHA) and are approved by the PHA to participate in their homeownership programs may be eligible for CHFA SectionEight Homeownership program. There are purchase price limits and income limits and the program is only available to first time homebuyers. This program provides a market rate first mortgage. To assist with down payment and/or closing costs, the CHFA SectionEight Plus Second Mortgage Loan is available for up to 3 percent of the first mortgage. Both mortgages are 30 fixed rate loans with a monthly payment.
CHFA Statewide Mortgage Credit Certificate
The CHFA Statewide Mortgage Credit Certificate (CHFA MCC) program allows first time homebuyers to claim up to 20 percent of their mortgage interest each year as a federal tax credit on their Federal Income Tax returns. CHFA offers MCCs statewide.
The first time homebuyer requirement is waived if the property is
located in a targeted area or if the homebuyer is an eligible veteran purchasing in a non-targeted or targeted area of Colorado. To learn how to reduce your federal income taxes with this program, click here.
Contact the Home Finance Division for more information via email or call 888.320.3688.