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.

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.

CHFA Preferred Loan with Down Payment Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: 660 minimum. A homebuyer education course is required, through CHFA-approved homebuyer education course required ($75 online). Residency requirement: State Resident. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Must use CHFA Preferred conventional first mortgage; 3% down with DPA grant covering all or part; 660 minimum credit score.

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.

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.

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

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. Funds are reserved through First-Come-First-Served. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.