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 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 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 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 Homebuyer Education class if you are a first time homebuyer or Money Management if you are not a first time homebuyer. You must also contribute a minimum $1,000 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 HomeOpener Plus program, 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, the CHFA HomeOpener Plus. Monthly payments are due on this loan at the same time the payments on the CHFA HomeOpener Plus 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 JumpStart Tax Credit Program
Take advantage of the Federal First-Time Home Buyer Tax Credit Program by using the CHFA JumpStart Tax Credit Program for your down payment and/or closing costs. Repay this 0% Second Mortgage Loan when you get your tax credit refund and build instant equity in your home.
The CHFA JumpStart Second Mortgage is available for 3.5% of the First Mortgage Loan Amount, up to $6,000, at an initial 0% Interest Rate, which converts to an 8% Interest Rate with a 120-month term if not paid in full by June 30, 2010. Interest begins accruing on July 1, 2010, with payments beginning on August 1, 2010, and are made monthly thereafter.
This program has income limits, and to qualify, you must attend a Homebuyer Education class.
To receive the greatest benefit from the CHFA JumpStart Program, CHFA strongly recommends that you repay the CHFA Second Mortgage in full with the tax refund. If the CHFA Second Mortgage goes into repayment, the benefit of the Program is substantially diminished. If the Borrower does not intend to repay the CHFA JumpStart Second Mortgage Loan with their tax refund, the Borrower should consider using a different CHFA Second Mortgage Loan Program, such as the CHFA HomeOpener Plus.
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 closing costs, CHFA provides an optional up to $25,000 CHFA HomeAccess Second Mortgage. 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.
Mortgage Credit Certificate
Available without a CHFA first mortgage or with a CHFA Taxable HomeOpener first mortgage. This program offers eligible Colorado homebuyers the ability to save money on federal income taxes by taking a 20 percent credit against their federal income tax liability and an 80 percent 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.