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eight steps to homeownership If you’re thinking about buying a home, you may be wondering: where do I start and what should I expect along the way? Here are “Eight Steps to Homeownership” to walk you through a high-level roadmap of the homebuying journey

what is “nontraditional” credit and how might it help you buy a home? To finance the purchase of a home, credit is a major component. Your credit report has information on how you borrow money, use credit, and pay it back—and therefore may show the

can I afford it? prepare for upfront and ongoing costs of homeownership Colorado’s high-priced housing market, many are crunching the numbers to figure out what they really may afford if they want to become homeowners. Consider upfront and monthly costs a

debunking down payment myths Sometimes, prospective homebuyers can be discouraged from pursuing homeownership because they think they cannot afford a down payment. There are significant up-front costs associated with homebuying, including the down payment

what lenders look for when qualifying applicants for a mortgage Knowing what to expect from working with a home mortgage lender can help make your road to homeownership much smoother. Qualifying for a mortgage loan depends on your current financial situat

celebrate financial capability month by setting a goal April is National Financial Capability Month and serves as a reminder that we all have the potential to be financially empowered. If you’re interested in homeownership, your financial health is vital.

five tips to get "credit ready" for homebuying If you want to get a home mortgage loan, the strength of your credit history and credit score will play a key role. March is Credit Education Month and if you’re planning to buy a home in the near future, now

decoding real estate listings Searching online for homes is a very common part of the homebuying process—in fact, 97 percent* of homebuyers searched online for a home in 2020. The pandemic has made virtual tools, listings, and showings even more necessary

market watch: home prices across colorado Home prices continue to steadily increase in many areas throughout Colorado and the current median home price in Colorado is $435,000*. Population growth in recent years, among other factors, has affected local

what to know about insurance and fees When it comes to different types of insurance and fees associated with homebuying—things can get confusing. What are they, what do they cover, and how do they affect you? Below are common insurance types and the

beyond the down payment: other upfront costs of homebuying Most know that part of buying a home involves making a down payment, with or without assistance, but what can be surprising are other significant upfront costs incurred before keys are in hand.

affordable options: income-restricted and land-trust homes With Colorado’s high home prices, some may feel homeownership is out of reach. However, there are unique programs available that may offer homes that are more affordable than one may expect. Inc

buying your home: an overview of the processs The home purchase process can be both exciting and stressful. It’s a journey filled with important steps and decisions to make, and a great deal of communication between you and everyone involved. From start t

is it the right time to buy? five questions to consider The COVID-19 pandemic has changed our world dramatically and the decision to buy a home is even more complex. Uncertainty can make planning for the future more challenging, while the desire for stabi

financial fitness focus: saving Concluding our four-part Financial Fitness Focus series, Your Road Home, with the help of industry experts, offers answers to common questions about saving money. Though it can seem hard to save money at times, especially w

financial fitness focus: budgeting In part three of Your Road Home's Financial Fitness Focus series, let’s explore budgeting. To help you determine how and when homeownership may be possible for you, carefully review your budget and make updates where nee

financial fitness focus: debt In part two of Your Road Home's Financial Fitness Focus series, we're delving into something that affects many of us: debt. In fact, U.S. household debt recently topped more than $14 trillion, according to the Federal Reserve

financial fitness focus: credit Sharpening your financial knowledge is helpful at any time and especially when challenges arise. In recognition of this, Your Road Home is kicking off its Financial Fitness Focus article series. This four-part series will a

We realize your journey towards homeownership may be experiencing hurdles due to the COVID-19 situation. No matter what your circumstance may be, please know that CHFA is ready to help in any way we can. One way we are helping is by temporarily offering

renting vs. buying: 6 things to consider After years of renting and frequent moving, you may start to ask yourself: Should I buy a house? While many experts have weighed in on the pros and cons of renting vs. buying, the truth is-it depends on your indiv

five signs you may be ready for homeownership What comes to mind when you think of the decision to become a homeowner? "The biggest purchase of my life. Investing in my future. Feeling stable. Major responsibility. Long-term commitment," perhaps? So, how

what type of property will you buy? Homebuyers' needs are unique, and thankfully, there are multiple types of homes to choose from to fit their circumstances. Having property-type options may also help buyers afford homeownership, as price points may vary

from renting to buying: costs to consider One part of becoming a homeowner is buying and paying for things you may not have as a renter. When you are preparing your budget for buying a home and maintaining homeownership thereafter, make sure you consider

questions for lenders and real estate agents Two of the key players in your homeownership journey are your lender and real estate professional. They will do a substantial amount of work with you so you want to make sure you choose these professionals thou

decoding common acronyms Communication with any professional who is helping you with your home purchase is likely to involve the use of acronyms-and lots of them. To help you familiarize yourself with some common acronyms in mortgage lending and real esta

homebuyer's checklist during loan processing After your offer to purchase a home has been accepted and you've completed your contract to purchase, the loan process begins. There is a lot involved in the loan processing stage and several items on the buyer

closing on your home: let's prepare It's helpful to have advance knowledge of what to expect of the closing process--after all, it's one of the most critical steps in becoming a homeowner, as you will be signing several legally binding documents. There

Happy Homeownership Month! Just in time to celebrate, we are happy to share our new online site, Help for Homebuyers (chfainfo.com/H4H). Full of resources to help you become a more confident homebuyer, the site includes information about our down payment

the 20 percent down myth "I can't buy a home because I don't have 20 percent for the down payment." Many believe that they must be able to pay at least 20 percent of a home's purchase price as a down payment to become a homeowner. In fact, homeownership

looking for financial guidance? Do you feel overwhelmed with trying to manage your finances, save money, or build your credit? These are just a few areas in which anyone may seek guidance, especially when preparing to buy a home. Luckily, there are sever

will i qualify for a loan? Before you begin shopping for a home, you will want to know if you can qualify for a mortgage based on your current financial situation, as well as the price of home you might afford. To get an idea about what you might qualify

property taxes and your monthly payment When considering your monthly housing expenses, know that there are factors that can change your monthly mortgage payment. One such element is property taxes. Each year, every county in Colorado collects taxes base

the 2019 colorado homebuyer's market Is this your year to make the move into homeownership? If you're not sure, consider taking a homebuyer education class to learn more about preparedness and the homebuying process. Meanwhile, keep the following in mind

is homeownership for you? Buying a home is a big commitment, and we understand you might feel overwhelmed. A great place to start is to compare the pros and cons of homeownership versus renting. Pros of renting 1. You know exactly how much you will spend

new CHFA income limit aims to help more coloradans become homeowners Achieving homeownership has become more challenging in Colorado's housing market as home prices have been some of the highest on record in recent years. To help address this, CHFA is

how to find a trustworthy lender and real estate agent Lender Finding a mortgage lender is about more than selecting one that offers the best rates; you want to work with a lender that offers expertise and will help guide you through the process. You shou

When buying a home, there are many forms and documents involved in the process. The purchase contract for residential property (Purchase Contract) is significant, so it's helpful to understand it clearly before it's time to sign on the dotted line. Pleas

how do student loans affect homeownership? Do you feel that your student loan debt is keeping you from becoming a homeowner? If so, you aren't alone-among non-homeowners nationwide; 83 percent cite student loan debt as a factor delaying them from buying a

differences of conventional and FHA loans Choosing the right kind of mortgage loan is an essential step in the homebuying process. While there are numerous lending products available, a couple of common loan classification types include "conventional" or"

should i get a home warranty? During your homebuying process, you may be offered a home warranty from either the seller, builder, or real estate broker. Or, perhaps you're wondering if you should purchase a home warranty on your own. Here's what to know:

income-restricted and land-trust homes In today's tough homebuying market, it is crucial for prospective buyers to be aware of any potential options that may make homeownership feasible. These options may include alternatives to the broader market, such

where are coloradans buying homes? In Colorado's competitive housing market, Denver Metro counties remain the top region in Colorado for the most home sales, followed by El Paso, Teller, Larimer, and Weld counties. This is true of both CHFA customers and

improving your credit status If you have unfavorable credit or not enough credit, this may significantly impact your ability to purchase a home. Though credit reporting is complex and based on multiple factors, you can take steps to improve your credit.

homebuyer education: why wait? The best time to take a homebuyer education class is when you are starting to consider buying a home. Be prepared and knowledgeable by learning how to navigate the many steps in the process, including creating a budget, unde

what does 2018 look like for colorado homebuyers? For prospective homebuyers, high prices and low inventory may seem discouraging, but results from 2017 showed that homeownership is possible. In fact, CHFA served more borrowers in 2017 than in any other y

new year's resolution: become a homeowner? As the year comes to a close, many start thinking about their goals for the New Year. If you're considering buying a home in 2018, but aren't quite sure where to start or if you're even ready, CHFA can help. A go

five tips for managing your money Developing habits of good money management can pay off big--and they're especially important to keep in mind during the holidays. Consider the five following ways to save and manage your finances wisely: 1. Adopt a "m

what to know about property taxes Are you familiar with how property taxes can affect the cost of homeownership? Property taxes can amount to thousands of dollars a year, and can change, which could affect the perceived affordability of a potential new

buying a fixer-upper? what to know when hiring a contractor When purchasing an older home, one of the first things a buyer may do is start repairing and renovating. While many homeowners like to take the DIY route, some work might need the help of a profe

mortgage insurance versus homeowner's insurance Mortgage insurance and homeowner's insurance policies provide different kinds of protection. To help clarify the purposes of each type, here's an overview: Mortgage insurance Mortgage insurance is designed

pros and cons of homeowners associations Homeowners associations may mean an extra cost for homebuyers, but there are plenty of benefits as well. To help you decide whether or not buying a home with an HOA is a factor in your purchase decision, consider t

As a hopeful homebuyer, it's all about weighing your options. In your search for an affordable home, you may want to look into a community land trust. This is an option made available through a nonprofit that owns land that is used to benefit a community.

beyond the mortgage: true costs of homeownership To be a successful homeowner, what are all of the costs to consider? Affording a mortgage payment, which includes principal, interest, taxes and insurance, is a major part of the equation, but there are sev

home inspection and negotiations: what to know Completing a home inspection is key to a homebuyer's peace of mind-and may also affect final negotiations. Here are three tips to consider regarding negotiating repairs: Ask for a credit A seller is not

from 'point a' to 'point b': considering transportation costs For most households, transportation costs are the second largest expense after housing costs. In a tight housing market, it may be especially challenging to find housing near work and school. T

five steps to getting a home loan So, you have made the decision to buy a home! Congratulations! Now what? We recommend these five steps to get a home loan and become a homeowner. 1. Determine your credit score Your credit score is an important qu

homeownership in 2017: what to know The good news: Home prices are predicted to increase at a slower rate than in 2016. The bad news: Interest rates are rising and are predicted to continue rising in 2017. Housing experts have predicted that home pri

holiday budgeting for 2017's homebuyer The holiday season may be the hardest time of year to watch your budget. However, if you're planning to buy a new home in 2017, there are some simple ways to keep your spending in check. We asked Laura Yost, a CHFA h

what is trended credit? Heads up homebuyers: Lenders are taking an even closer look at your credit. "Trended credit" is a type of data that details your payment history beyond whether or not you are making minimum payments on time, as traditionally shown

how do student loans affect homeownership? According to the Colorado Department of Education's 2015 report on financial aid, college students graduate from four-year schools with an average of $21,022 to $33,596 in student loan debt. If you are a recent o

your credit, your mortgage Your credit, or lack thereof, affects homebuying in several ways, acting as one of the factors in determining whether or not you qualify for a mortgage loan. In fact, according to the most recent Home Mortgage Disclosure Act d

what kind of loan is right for you? With your current and future financial goals in mind, finding a mortgage loan that best suits your needs is a critical point in the homebuying process. There are several types of loans that may appeal to you based on di

prequalification vs. pre-approval You often hear the enticing phrase, "instant prequalification" from lenders offering mortgage financing. But what does that mean? Prequalification tells you how much you may be able to borrow from a lender using current

keys to smart home shopping and strong offers -It's house hunting season and like the weather, the competition for the most desirable homes is hot. In order to increase your chances of landing the best home for you, be flexible, shop wisely, and make the

it takes a village to buy a home As with any venture worthwhile, it takes multiple key players to make your dream a reality. When you purchase a home, you will work with several professionals who will help guide the way. CHFA Home Finance Director, Dan Mc

why you shouldn't skip the home inspection When you are ready to buy a home, take the opportunity to have the property professionally inspected. In today's competitive market, buyers may be tempted to skip this step, but there are several reasons not to.

how do I choose a mortgage lender? Your relationship with your lender should be based on trust. Buying a home is one of the largest investments you will make in your life, so it's important to choose

do you know the true costs of homeownership? How much does it really cost to be a successful homeowner? If you're not sure, CHFA has you covered. We recently sat down with Catherine Carter, a housing counselor at Transformance, Inc., in Colorado Springs t

new year, new home - what to expect in 2016 - Is your New Year's resolution to become a homeowner? If so, some insight into what the 2016 market may look like will help you prepare.

buying in 2016? don't let the holidays set you back Are you planning to buy a new home in 2016? If so, it's wise to maintain your savings this holiday season. We know it can be tough to save, with travel, celebrations, gifts, and other expenses adding up

why mortgage insurance? As someone considering a home purchase, you may know that to protect your property in the event of a hazard you'll need homeowner's insurance -- not to be confused with mortgage insurance. Many loan products also require mortgage i

Buying a home is one of the biggest commitments-and adventures- you will experience in your lifetime, so it pays to be prepared. Before applying for a loan, consider taking a CHFA-sponsored homebuyer education class.

how does student loan debt factor into mortgage loans? Are you considering buying a home, but aren't sure how your student loan debt will impact your ability to qualify? As with any debt, your mortgage lender will consider your monthly student loan paymen

how do credit scores impact homebuying? Your credit score affects your home buying process in several ways, ultimately acting as one of the factors in determining whether or not you qualify for a mortgage loan, and if so, what interest rate and terms are