Unlock Homeownership with Colorado CHFA Programs

CHFA FirstGeneration Plus FHA

The Colorado Housing and Finance Authority (CHFA) FirstGeneration Plus FHA program offers an incredible opportunity for first-time homebuyers. This program is designed to assist those who may face financial challenges, providing support through a second mortgage loan for down payment assistance (DPA).

Key Features:

• Loan Type: 30-year fixed FHA loan.

• LTV/CLTV: Up to 96.50% LTV and 105% CLTV.

• Eligibility: Must be first-time homebuyers, although some exceptions may apply.

• Credit Score: Minimum credit score of 620.

• Income Limits: Varies based on county, census tract, and household size.

• Additional Requirements: Must undergo CHFA pre-closing compliance review and approval.
  

Benefits:

• Provides a second mortgage loan for down payment assistance.

• Helps bridge the financial gap for first-time homebuyers.

• Includes CHFA pre-closing compliance review to ensure eligibility.

CHFA FirstStep Plus FHA

The CHFA FirstStep Plus FHA program is tailored for those stepping into homeownership for the first time. It combines the benefits of an FHA loan with additional support to make home buying more accessible.

Key Features:

• Loan Type: 30-year fixed FHA loan.

• LTV/CLTV: Up to 96.50% LTV and 105% CLTV.

• Eligibility: Geared towards first-time homebuyers.

• Credit Score: Minimum credit score of 620.

• Income Limits: Subject to county and household size guidelines.

• Additional Requirements: Includes CHFA compliance review before closing.

Benefits:

• Offers down payment assistance via a second mortgage.

• Supports new buyers in managing upfront costs.

• Ensures compliance with CHFA guidelines for a smoother closing process.

CHFA Preferred Plus Conventional

For those looking for a conventional loan option, the CHFA Preferred Plus Conventional program provides competitive terms along with financial assistance for down payments and closing costs.

Key Features:

• Loan Type: 30-year fixed conventional loan.

• LTV/CLTV: Conventional loan limits apply.

• Eligibility: Open to first-time and repeat buyers.

• Credit Score: Generally higher credit score requirements compared to FHA.

• Income Limits: Determined by county and household size.

• Additional Requirements: Must comply with CHFA guidelines and undergo a pre-closing review.

Benefits:

• No mortgage insurance required for loans under 80% LTV.

• Offers down payment and closing cost assistance.

• Flexible for both first-time and repeat homebuyers.

CHFA SmartStep Plus FHA

The CHFA SmartStep Plus FHA program is designed to provide a straightforward path to homeownership with the support of down payment assistance and FHA loan benefits.

Key Features:

• Loan Type: 30-year fixed FHA loan.

• LTV/CLTV: Up to 96.50% LTV and 105% CLTV.

• Eligibility: Ideal for first-time homebuyers.

• Credit Score: Minimum credit score of 620.

• Income Limits: Based on county and household size.

• Additional Requirements: Includes pre-closing compliance review by CHFA.

Benefits:

• Facilitates homeownership with a second mortgage for down payment assistance.

• Ensures compliance with FHA and CHFA guidelines for a secure loan process.

• Simplifies the home buying journey with structured support.

For more information and to get started on your path to homeownership, contact us at 602-628-1231 or email info@allapprovedhere.com. Let us help you find the right CHFA program to suit your needs!