​March 6, 2017

New Options to Support Affordable Homeownership Available from CHFA 

Contact:​
Megan Herrera​
303.297.7407​​​​​​​​
​​


(DENVER) – Colorado Housing and Finance Authority (CHFA) announced today it is offering several new options to support affordable homeownership including new down payment assistance programs and loan products. Buying a home in Colorado has become increasingly challenging, as a two-person household would need to earn a combined median gross annual income of $75,665 to afford the median priced home at $314,000. Meanwhile, the median combined gross annual income of a two-person household in Colorado stands at $59,100.

"Everyone in Colorado should have the opportunity for housing stability and that is why CHFA is offering more finance options to help make purchasing and owning a home viable," said Cris White, CHFA Executive Director and CEO.

CHFA's new options to assist with down payment, closing costs, and/or prepaids include:

    • A down payment assistance grant, which is available for up to 4 percent of the total first mortgage loan amount, or;
    • A down payment assistance second mortgage loan, which is available for up to 5 percent of the total first mortgage loan amount.

In addition, CHFA is offering a new Freddie Mac® loan product for borrowers earning 50 percent or less of the Area Median Income for the county in which they reside. Borrowers utilizing this program may receive a lower interest rate than offered for CHFA's standard Freddie Mac loan programs.

CHFA's new options are available to either first-time or non-first-time homebuyers under most of its 30-year, fixed rate, first mortgage loan programs. Borrowers who meet income requirements, have a mid-credit score of 620 or higher, contribute at least $1,000 toward the transaction, and complete a CHFA homebuyer education class (online or in-person) prior to loan closing may be eligible.

CHFA's loan programs are available through our statewide network of participating lenders. To take advantage of CHFA's new affordable homeownership options, find a CHFA participating lender by visiting chfainfo.com.