Monday, March 02, 2009

CHFA or Colorado Housing and Finance Authority

Some major modifications to CHFA's programs occurred in the last few weeks that will make it easier for folks with little or no money to put down on a home to be able to buy a house in Colorado. I got this summary from Mark Afman at Universal Lending:

CHFA has basically one program now for both first time and non first time buyers.
The CHFA 2nd for down payment assistance will have the same rate as the 1st mortgage with monthly payments.
The CHFA 2nd is 3% of the 1st mortgage amount.
Buyer is required to put $1000 in to the transaction.
The income limits are now higher for example a 2 person household can make up to $82,500
Minimum fico score of 580
Rates will be more competitive usually around 1/2% higher than the market.

Add this to the TAX CREDIT available to first time buyers And you have a great reason to buy today!

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