Colorado Housing and Financing Authority (CHFA) is Colorado’s trusted partner for affordable and accountable homeownership. Through participating loan providers like United states Financing, Coloradans gain access to CHFA house purchase and refinance loans. These loans have actually competitive fixed-rate funding and may provide advance payment or closing expense help.
While first-time house purchasers are usually CHFA’s many customers that are frequent with 56% of their 2016 borrowers being Millennials, the agency additionally acts Gen X and multi-generational families interested in their next house.
As with every mortgage loan, borrowers can select where they would like to purchase. There are not any restrictions towards the particular housing stock. The agency states its typical loan is actually for $225,000 while noting that many borrowers are authorized for brand new or near-new $300,000 domiciles. CHFA-backed originations are obtainable through the metro area with Aurora, Denver, Colorado Springs, Thornton, Commerce City and Greeley producing the volume that is most. These cities have significant new home construction like a lot of the Denver area.
First-time house purchasers Scott and Heather MacPherson purchased their property with their young, growing family members by using a CHFA loan. “Rent is really costly, and we’d rather spend money on something which is our very own therefore we could build equity, ” Heather stated.
Therefore is CHFA help for your needs? Below we’ve broken down the advantages, skills, and demands into three groups. Keep reading to see if there’s a fit:
Can CHFA help people with restricted cost cost savings, low earnings, or reasonable fico scores?
Yes, with assistance from CHFA, you might nevertheless be in a position to develop into a homeowner.
CHFA’s system is frequently promoted to first-time house purchasers it is offered to anyone provided they fall in the certain earnings and buy cost limitations (PDF). Continue reading