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Everything You Need to Know About Securing a CHFA Loan
Net Admin • July 29, 2019
At Popish Mortgage we often hear from potential homeowners inquiring about the CHFA loan program. If you too are in search of information about securing a home loan through CHFA, you’ve come to the right place. In today’s post we will explore everything from eligibility to the application process, ensuring you have all the information you need to determine if a CHFA loan is right for you.
What is the CHFA Loan Program?
The Treasury’s Colorado Housing and Finance Authority (CHFA) Bond Program was established to provide loan assistance for homeownership as well as small businesses, farms and ranches throughout the State of Colorado. Through a statewide network of approved lenders, the CHFA offers new home loan and refinancing loan programs as well as second mortgage loans and grants for assistance with closing costs and/or down payments. With so many opportunities to secure lending assistance through CHFA, it’s no surprise that so many Colorado residents are interested in learning about program requirements.
CHFA Program Requirements
The basic requirements of the CHFA loan program include:
- All borrowers must meet specific underwriting guidelines which are set forth by CHFA Participating Lenders
- Borrowers must have a mid-credit score of 620 or higher
- Borrowers must have an income that does not exceed the income limits set forth by the CHFA
- All applicants must attend an approved homebuyer education class before closing
- All Borrowers must contribute a minimum down payment of $1,000 toward their home purchase
CHFA Loan Program Income Limits
Under the CHFA loan program, there are several loan types, each of which have specific income requirements. Not sure which is applicable to your circumstances? Check out the loan limits for each:
- CHFA FirstStep
- CHFA Preferred
- CHFA SmartStep
- CHFA SectionEight Homeownership
- CHFA Very Low Income Program (VLIP)
- CHFA HomeAccess
Becoming CHFA Eligible
Do you feel you’re a candidate for any one of these CHFA programs? Here’s your step by step guide to getting the process started:
- Enroll in a homebuyer class: By taking the class early on in your house search, you will then be able to find a lender and a Realtor who are prepared to help you through the rest of the process. Classes can be taken in-person or online. Register now!
- Select a CHFA Participating Lender: CHFA loans are only available through CHFA Participating Lenders. Here at Popish Mortgage we are proud to be a part of the CHFA Lender network. We are prepared to walk you through every step of the process.
- Find Your Dream Home: Work with your real estate agent to find a home that meets both your needs and the requirement set forth by the CHFA program.
While there are a number of program requirements, securing a home loan through CHFA is a very straightforward process. If you’re ready to begin the application process, we encourage you to contact us today! Allow us to help you explore all of the loan opportunities available to you and secure the funding that best suits your needs. Let’s get started today!
Brett is a native to Colorado, being born and raised in the Denver Metro Area. Growing up, he learned the value of financial responsibility and gravitated toward an industry that allows him to counsel and coach clients about financial goals as it relates to Real Estate. Brett joined the lending industry in 2003. Throughout his career he has helped many families achieve their goals and dreams of home ownership. From First Time Home Buyers to Real Estate Investors, Brett has the knowledge and experience to tailor loans to your unique and specific situation. Working with Brett and Prosper Mortgage Group, LLC, you can rest assured your loan is in great hands with professionals that deal with this daily. Customer service, honesty, and integrity have set him apart from his competition while keeping his focus on the Clients’ best interest, determining the best possible loan for each individual situation, & helping them achieve their goals and dreams of homeownership! Through these principals, Brett has built a very successful career basing much of his business on the referrals of past clients as well as the Real Estate Professionals that he works with. Brett relies on personal responsibility, accountability, and mental toughness in his daily life and is a huge advocate of the 75 Hard / Live Hard program as well as personal development. NMLS 253202 CO MLO 100015587 Prosper Mortgage Group, LLC NMLS 2490880 Equal Housing Lender Inside Westminster is proudly sponsored by: Prosper Mortgage Group—helping you Own Your Future. NMLS #2490880 | Equal Housing Lender I 303.668.5891 I www.prospermortgagegroup.com Westminster Chamber 303.961.5975 www.westminsterchamber.biz
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