Welcome to our series on Colorado Downpayment Assistance and Loan Programs! Today we’re talking about CHFA Downpayment assistance loans and grants.
Could you buy a home for $1000? It’s possible with CHFA
CHFA stands for Colorado Housing and Finance Authority, and they offer a loan program to help people buy homes by offering mortgages and down payment assistance. This program is specific to Colorado.
There are two ways you can use CHFA assistance:
- Down Payment Assistance Grant – you can get up to 3% of your mortgage for down payment assistance, and you don’t have to repay the grant.
- Down Payment Loan – get up to 4% of your mortgage for down payment assistance, and only repay this loan when you refinance or sell your home.
And the best news? CHFA only requires you to put down $1000 of your own money on a home purchase.
Here’s why I love CHFA – In 2020, some of my clients purchased a home for less than $5000 out of pocket using CHFA Downpayment Assistance. Three years later, they sold their house and walked away with $100,000 after closing.
I don’t know about you, but turning $5k into $100k in 3 years seems pretty impressive!
CHFA is an excellent option for home buyers who don’t have a ton saved up for a down payment especially if you are open to buying a Colorado starter home.
Want to learn more about qualifying for CHFA Downpayment Assistance? Let’s chat! You can schedule a time to meet with me here.
I'm Lauren Haug! I'm a teacher-turned-real estate agent, and I teach people how to build wealth through real estate in Northern Colorado.
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