New Options to Support Affordable Homeownership Available from CHFA
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