Question: I keep hearing about CHFA. What is it?
Answer: CHFA stands for the Colorado Housing and Finance Authority. CHFA was founded in 1973 with a mission “to address the shortage of affordable housing in the state.”
Since its founding, CHFA has helped over 100,000 Coloradoans buy homes. They have also held homebuyer education workshops throughout the state that have been
attended by over 134,000 people.
CHFA helps people buy homes by providing down-payment and closing cost assistance. Many buyers find it difficult to pay for these costs. Last month, CHFA raised its effective income limits. The organization is implementing a state-wide income limit of $115,600 for most of its down payment assistance programs in any county or household size. Previously, in Denver, Jefferson and Adams Counties, the limit was $89,900 for a one- or two-person household.
CHFA loans are provided by a network of participating lenders. These lenders will look at a variety of factors, including your monthly income, credit history and debt level to determine how much you qualify for. Lenders also help borrowers find the best CHFA program for their needs.
CHFA requires all borrowers utilizing a CHFA first mortgage loan program to take a CHFA-approved home buyer education class before closing on their loan. Take a home buyer education class early in the buying process to help with everything from selecting a lender to understanding “the hidden costs of homeownership.” CHFA sponsors classes across the state, both in-person and online (in-person classes are free).
Ready to get moving? Call David at 720-408-7409.