CHFA Preferred Loan with Down Payment Assistance

What is CHFA Preferred Loan with Down Payment Assistance?

CHFA Preferred Loan with Down Payment Assistance is a grant for homebuyers in Statewide County, Colorado.

• CHFA Preferred Loan pairs a conventional mortgage with a DPA grant of up to 3% of the first mortgage. Allows buyers to use a conventional loan (lower PMI or no PMI with 3% down) and still receive DPA. Must pair with CHFA Preferred conventional mortgage product.
• Conventional mortgage with DPA grant.
• no PMI with 3% down.
• competitive interest rate.
• paired with CHFA Preferred Conventional loan.
• statewide.
• Funding comes from State.

How much assistance does it provide?

CHFA Preferred Loan with Down Payment Assistance provides assistance worth 3% of the purchase price, as set by the program.

• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

CHFA Preferred Loan with Down Payment Assistance is structured as a grant, so it is not repaid.

• Repayment is triggered by None — grant.
• The assistance is recorded in None — grant position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

CHFA Preferred Loan with Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

CHFA Preferred Loan with Down Payment Assistance limits household income to 80% of the area median income, which varies by county and household size.

• Income limits by county; up to $174,440 in Denver County.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

CHFA Preferred Loan with Down Payment Assistance caps the purchase price at $806,500.

• Eligible property types include Single Family, Condo, Townhouse, and PUD.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

CHFA Preferred Loan with Down Payment Assistance serves buyers purchasing in Statewide County, Colorado.

How do you apply?

Applications for CHFA Preferred Loan with Down Payment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through CHFA-approved homebuyer education course required ($75 online).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.