CHFA SmartStep Plus Down Payment Assistance

CHFA SmartStep Plus Down Payment Assistance is a deferred second loan for homebuyers in Statewide County, Colorado. CHFA SmartStep Plus adds 0% interest deferred DPA (up to 4% of the first mortgage, max $25,000) to the CHFA SmartStep mortgage program. Designed for buyers with fair or non-traditional credit using FHA, VA, or USDA loans. Must pair with CHFA SmartStep first mortgage. DPA up to 4% of first mortgage or $25,000. 0% interest deferred second mortgage. paired with CHFA SmartStep mortgage. designed for buyers with fair or non-traditional credit. statewide. Funding comes from State.

CHFA SmartStep Plus Down Payment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, Refinance, and Maturity Date. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

CHFA SmartStep Plus 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. The program lists a minimum credit score of 620. 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 pair with CHFA SmartStep first mortgage; designed for buyers with fair or non-traditional credit.

CHFA SmartStep Plus Down Payment Assistance limits household income to 80% of the area median income, which varies by county and household size. Income limits vary 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 SmartStep Plus 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 SmartStep Plus Down Payment Assistance serves homebuyers purchasing in Statewide County, Colorado.

Applications for CHFA SmartStep Plus 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.