programs, forms, and matrices

CHFA FirstStep^sm and CHFA FirstStep Plus^sm Program Highlights

Low interest rate → Additional guidelines → Pre-closing program compliance review required

Learn about the CHFA overlays for the program before getting started.

• Restricted to first-time homebuyers, qualified veterans, or non-first-time homebuyers purchasing in targeted areas (see CHFA Seller's Guide for definitions)
• 30-year fixed rate FHA 203(b) purchase loans only
• Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted
• CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids
• Income and purchase price limits apply
• Program eligibility is subject to CHFA's gross annual income calculation
• Subject to the Federal Recapture Tax provision
• Cannot be combined with any MCC program
• See matrix below for further details

CHFA Preferred^sm/CHFA Preferred Plus^sm Program Highlights:

• 30-year fixed rate Fannie Mae “HFA Preferred” or Freddie Mac “HFA Advantage” purchase loans only (97% LTV/ 105% CLTV)
• CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids
• Income limits apply (see income limits below)
• Program eligibility is subject to lender’s loan qualifying income calculation
• Minimum decision credit score of 620 or higher for all scored borrowers
• Charter level PMI coverage capped at 18% for borrowers with incomes at or below 80% AMI (CHFA-approved PMI providers)
• See matrix below for further details

CHFA Preferred^sm Very Low Income Program (VLIP) Program Highlights

• 30-year fixed rate Freddie Mac “HFA Advantage” purchase loans (97% LTV/ 105% CLTV)
• CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids
• Lower income limits apply (see income limits below)
• Program eligibility is subject to lender’s loan qualifying income calculation
• Minimum decision credit score of 620 or higher for all scored borrowers
• Charter level PMI coverage capped at 18% (CHFA-approved PMI providers)
• See matrix below for further details

CHFA SectionEight^sm Homeownership and CHFA SectionEight^sm Homeownership Plus Program Highlights

• 30-year fixed rate FHA 203(b) or USDA-RD purchase loans only 
• Restricted to first-time homebuyers or qualified veterans 
• Borrower must be receiving Section 8 assistance from an approved Section 8 agency (agency must approve voucher to be used for homeownership)
• CHFA DPA Grant or CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids
• Income limits apply 
• Program eligibility is subject to CHFA's gross annual income calculation 
• Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted 
• See matrix below for further details

CHFA SmartStep^sm and CHFA SmartStep Plus^sm Program Highlights

• 30-year fixed rate FHA, VA, USDA-RD purchase loans only 
• CHFA DPA Grant or CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids 
• Income limits apply (see income and purchase price limits below) 
• Program eligibility is subject to lender’s loan qualifying income calculation 
• Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted 
• See matrix below for further details

CHFA HomeAccess^sm and CHFA HomeAccess^sm Plus Program Highlights

• 30-year fixed rate FHA 203(b), VA, or USDA-RD purchase loans only
• Restricted to first-time homebuyers and qualified veterans
• Borrower must have a permanent disability or are the custodial parent or legal guardian of an individual who has a permanent disability
• CHFA HomeAccess Second Mortgage Loan up to $25,000 available for assistance with down payment, closing costs, and prepaids
• Income and purchase price limits apply
• Program eligibility is subject to CHFA's gross annual income calculation
• Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted
• Subject to the Federal Recapture Tax provision
• Cannot be combined with any MCC program
• See matrix below for further details
• Click here to view approved lenders that may offer this program

Colorado HFA1^sm and Colorado HFA1 Plus^sm Program Highlights

• 30-year fixed rate FHA, VA, USDA-RD, Fannie Mae (HFA Preferred) or Freddie Mac purchase (HFA Advantage) loans
• CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids
• Income limits apply (see income and purchase price limits below)
• Program eligibility is subject to lender’s loan qualifying income calculation
• Minimum decision credit score of 620 or higher for all scored borrowers
• See matrix below for further details

To view applicable CHFA Submission Checklists, please login to HomeConnection.