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Down Payment Programs

CHFA - Colorado Housing Finance Assistance - SmartStep Plus:

  • DPA - Second Only

  • FHA/VA/USDA

  • Mortgage Insurance Required

  • Credit Score - Minimum 620+

  • Income Limits - $162,960

  • Income Calculation - Borrower Credit Qualifying

  • Don't have to be a First-time Homebuyer

CHFA - Colorado Housing Finance Assistance - Preferred Plus:

  • DPA - Second Only

  • Conventional

  • Mortgage Insurance Required if LTV greater than 80%

  • Most recent two-year tax transcripts

  • Credit Score - Minimum 620+

  • Income Limits - $162,960

  • Income Calculation - Borrower Credit Qualifying

  • Don't have to be a First-time Homebuyer

CHFA - Colorado Housing Finance Assistance - FirstStep Plus:

  • DPA - Second Only

  • FHA only

  • Mortgage Insurance Required if LTV greater than 80%

  • Most recent tax transcript or return

  • Credit Score - Minimum 620+

  • Income Limits - Varies - based on the County

  • Income Calculation - Gross annual income

  • Must be a First-time Homebuyer

CHFA - Colorado Housing Finance Assistance - FirstGeneration Plus:

  • DPA - Second Only

  • FHA only

  • Mortgage Insurance Required 

  • Most recent tax transcript or return

  • Credit Score - Minimum 620+

  • Income Limits - Varies - based on the County

  • Income Calculation - Gross annual income

CHAC - Colorado Housing Assistance Corporation

  • You have to be a first-time Homebuyer.

  • The loan is paid back monthly at an interest rate of 3%.

  • The amount of the DPA is 6% of the appraised value or $15,000, whichever is less.

  • Borrowers must contribute $1500 of their own funds.

Low-Income Programs

HomePossible

5 Things You Should Know:

  1. Home Possible® responsibly offers qualified very low- to low-income borrowers a low, 3% down payment financing option.

  2. Borrowers can have additional financed properties.

  3. Non-occupant co-borrowers may help borrowers qualify for a 1-unit property.

  4. Many types of down payment sources are acceptable with Home Possible®, including family, employer-assistance programs, secondary financing, and sweat equity.

  5. At 20 percent equity, borrowers may cancel mortgage insurance -reducing monthly mortgage payments and potentially saving money over the life of the loan.

HomeReady

  • Low income

  • First-time or repeat homebuyers

  • Limited cash for down payment

  • Supplemental boarder or rental income

  • Looking to purchase or refinance

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