CHFA First-Time Home Buyer Loan Programs. These CHFA loans are provided to veterans, first-time home buyers, and non-first time buyers alike. Your income and credit score will be heavily scrutinized. A minimum contribution by the borrower of $1000 is required for this program. Your home will be unique – just like you; your loan process should be just as unique. If you’re looking to buy a home for the first time in Colorado, you may be eligible for statewide financial assistance to help. Here’s How to Prepare Financially, Lower or NO down payment! CHFA’s mission is to strengthen Colorado by investing in affordable housing and community development. You can get up to 3% of the home price as a grant or … For instance, if the entitlement amount is $417,000 and you wish to purchase a $500,000 property, you’ll have to pay $20,750 upfront. Grant Totals by County Lookup Whether building from the ground up or launching into a major renovation, this loan might be what you’re looking for to make your dreams a reality. Up to 97% financing for home purchase with a lot of borrower flexibility (1-unit property). Do you want to literally build your dream home from scratch? No private mortgage insurance requirements. Requirements include a minimum FICO score of 620, though borrowers with no credit score are allowed to apply. You are looking for a lower rate and payment early on in the loan. Loan Programs We offer many home loan programs and mortgages in Colorado. Colorado also has several first time home buyer and other home loan programs available through city and county agencies. If you’ve got multiple loans that you’re repaying, using a consolidation loan to combine them can lead to short and long-term benefits. CHFA programs include income caps set by county and in some instances by household size. Qualification requirements are often more strict and belong solely to the lender. As one of the Colorado first-time home buyer programs, a CHFA Advantage loan offers 30-year fixed-rate mortgages without a private mortgage insurance requirement. These loans provide mortgages that are insured or guaranteed by the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA), and offer buyers a “basic” mortgage with lower upfront costs. Purchasing a home in Colorado is a wonderful and exciting venture. Non-Prime Programs – There is a fairly large selection of non-prime loan programs available to home buyers with bad credit. Buy a home in Colorado with help from a Family Member. If you would like to find more information about benefits offered by Veteran Affairs, visit the official site for veterans benefits at Veterans Affairs. The CHFA program rules mentioned here are not the only guidelines you will need to be familiar with–FHA mortgage loan rules also apply. Fortunately, when the index is low, you benefit from lower interest rates and a lower payment. This down payment is still much lower than a typical loan’s 10% down payment requirement. Larger properties, properties with the latest amenities, and those that are in the neighborhood of your dreams – all could be priced above the “mortgage conforming limit”. For any questions or comments, please contact Tamra Norton. Less variety: These loans are designed to serve a basic need for those looking for long-term home ownership. Contact us today and we’ll help that dream come to life. Furthermore, any party not financially obligated on the mortgage may NOT be permitted on the title of the home. Down payment requirements can be as high as 20% of the home value. The biggest difference between a purchase loan and a refinance loan is that the borrower usually doesn’t have to pay for closing costs out of pocket. GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). These programs provide down payment and/or closing cost assistance in a variety of forms, including grants, zero-interest loans, and deferred payment loans. You are a buyer who wants to understand everything about their loan. 1. The property must be suitable for year-round occupancy. Find out if you’re eligible and how to apply. However, this loan type is for buyers who wish to purchase a property above the conforming loan limit. With so many options on land loans, contact us today and let us find the best loan for your unique situation. They are the largest provider of down payment assistance in the state. FHA loans will allow you to purchase your home with as little as 3.5% down payment. State and Local Programs Colorado Home Buyer Tax Credit. Colorado Each situation is unique, so contact us today see if you qualify for a USDA Rural Loan today! Conventional loans include any loan for a mortgage that is not insured by a government program. All home loans are not created equally. 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