CHFA Down Payment Assistance Second Mortgage Loan

How do you pay back CHFA Down Payment Assistance Second Mortgage Loan?

No monthly payment: it's a deferred loan. Repayment happens when you sell or refinance, when your main home loan is fully paid, or when you no longer live there.

With a deferred loan there's no monthly cost. The full balance comes due if you sell the home, refinance it or finish paying the first mortgage.

Who's eligible for CHFA Down Payment Assistance Second Mortgage Loan?

• The CHFA income limits depend on your household size, county, targeted area and program.
• Being a first-time buyer isn't required.
• Your credit score must be at least 620.
• Before you buy, take a homebuyer education course.
• You get it together with a first mortgage loan program from CHFA.
• Targeted areas may have a higher price limit, which otherwise varies by area.

Your county and household size set most limits. Use our HUD income limits tool to see your area's median income and how your household compares.

Applying for CHFA Down Payment Assistance Second Mortgage Loan

1. You apply for this help through an approved lender, together with your home loan. Colorado Housing and Finance Authority pays it out through these lenders.
2. A lender sets the program money aside for you after confirming the home, your credit and your income meet program rules.
3. It goes toward your down payment and closing costs, paid at closing.

The full rules and whether it's taking applications are posted on Colorado Housing and Finance Authority's page for CHFA Down Payment Assistance Second Mortgage Loan. You can also choose a lender through the agency's participating lender list.

More first-time buyer programs in Colorado

• CHFA Down Payment Assistance Grant:

  This grant equals as much as 3% of your home loan, never more than $25,000.

Every Colorado first-time home buyer program · Down payment help in every state