your road home enews

If you’re thinking you want to buy a house, but you don’t know where to start, you’re not alone. At CHFA we hear this from many people we talk with in the community.

There is a lot of uncertainty around the economy and that may have you questioning how to best keep your finances on track. Financial experts tell the Associated Press, a good first step is to know your starting point with your finances.

From understanding credit to budgeting, April is Financial Literacy Month, and it is a great time to look at getting your finances in order to help you prepare for buying a home in the future.

Black and African American households are seeing success becoming first-time homebuyers. A recent survey from Zillow finds Black and African American first-time homebuyers have experienced the strongest rebound as first-time homebuyer rates have declined nationally.

If you’re considering buying a home this year, CHFA’s Homebuyer’s Roadmap can be a resource for you to learn streamlined information about the process.

In 2024, CHFA invested $76,789,215 in down payment assistance and supported 5,291 households with CHFA homeownership programs. The image below highlights 2024 homeownership statistics.

As you look ahead to 2025, you may be thinking this is the year you’ll buy your first home. You could have slightly better home options and prices than in the last few years, however, mortgage rates are expected to remain elevated, though the rates may moderate somewhat.

It may seem difficult to think about saving money around the holidays. From gifts to gatherings, the costs can add up. But there are ways you can still enjoy the holidays without overspending and going into debt.

We are starting to see the impact of the Federal Reserve’s first cut of its federal funds rate in more than four years last month. It cut the rate by half a percentage point.

There are many financial goals to strive for throughout life and one of the most impactful is building generational wealth. This is the ability to pass down your assets to a member of your family, so they may have greater opportunity for financial stability and possibly continue the cycle for the next generation.

When you buy a home, one of the most anticipated upfront costs is the down payment. Many believe they need to put 10 to 20 percent down, but that is not always the case with many assistance options available.

As a first-time homebuyer, it may be best to focus on your “needs” versus your “wants.” Answer the questions below to figure out what’s most important on your house-hunting list:

Be prepared and knowledgeable by learning how to navigate the many steps in the process, including creating a budget, understanding your credit score, finding a lender, and the loan process.

Will 2024 be the year you buy a home? Perhaps you’ve been contemplating it, weighing the pros and cons, and considering the true costs of homeownership.

Opendoor surveyed an estimated 1,000 first-time homebuyers nationwide who purchased their first home between January 2023 and December 2023 for their 2024 First-time Homebuyer Survey.

In the report, learn how CHFA invested $2.7 billion to support affordable housing and community development in 2023. Highlights include how CHFA increased community engagement, strengthened programs, surpassed several organizational records, and was proud to assist Coloradans by:

Did you know there is a difference between a mortgage lender and a mortgage servicer? A mortgage lender is a financial or other institution that lends money to borrowers to buy, build, renovate, or refinance a property.

New year, new goals! Do your New Year’s resolutions include becoming a homeowner? If so, plan to take a free, CHFA-sponsored homebuyer education class. This will help you feel knowledgeable and prepared for the journey ahead.

With rumors swirling that the Fed may continue to drop interest rates in 2024, you may be considering purchasing a home. Below are some ways you can prepare early to ensure a successful homebuying journey.

Developing habits of good money management can pay off—and they’re especially important to keep in mind during the holidays. Consider the following five tips to save and manage your finances wisely.