Colorado Housing Finance Agency (CHFA) Home Loans
The Colorado Housing Finance Authority, also known as the CHFA, is a government agency dedicated to improving Colorado by investing in affordable Colorado housing and Colorado community development. The CHFA offers eligible Colorado residents a variety of financial resources to strengthen homeownership, affordable rental housing, and businesses.
One of the CHFA’s most popular resources is their low-interest rate mortgage programs. Designed for low-to-moderate-income borrowers in Colorado, these programs can provide both traditional home financing as well as down payment assistance/closing cost assistance.
Veritas Funding currently offers 10 different Colorado Housing Finance Agency Home Loan Programs, so it’s likely there’s a CHFA option that fits your needs. Read on to learn more about Colorado Housing CFHA Loans and understand how to qualify for a CHFA mortgage.
CHFA Home Loan Mortgage Programs:
- Offer traditional home financing options in the form of a Conventional Loan, FHA Loan, or USDA First Mortgage Loan
- Offer down payment assistance options in the form of a (repayable) Second Mortgage Loan or a (gifted/non-repayable) grant
- Typically offer low-interest rates, quick closing times, and CHFA approved homebuyer education classes
- May have location, home type, or loan amount restrictions (dependent on the program)
- May offer low-to-no mortgage insurance options (dependent on the program)
- Require all borrowers to contribute a minimum of $1,000 toward the purchase of their home
You may qualify for a CHFA Mortgage Program if you:
- Are a Colorado resident
- Have a 620+ credit score
- Have a debt-to-income ratio below 50%
- Earn a low-to-moderate salary (specific income limits vary by county/targeted areas)
If you’re a Colorado borrower looking for an affordable way to achieve homeownership, we strongly suggest you take advantage of one of the 10 CHFA Mortgage Programs that Veritas Funding offers and submit an application today. In the meantime, if you have any questions about CHFA Home Loans, how to qualify for a CHFA Mortgage, or Colorado housing in general, you can chat with our digital assistant, Lydia, or contact one of our Loan Officers today.