CHFA Down Payment Assistance Grant and Silent Second - 720-593-6682 - NOVA Home Loans

Curious to learn more about how the CHFA Down Payment Assistance Grant and Silent Second works? In this video, I explain the differences between the Colorado Housing & Finance Authority down payment assistance grant and silent second structures, as well as the pros and cons between the two.

Many home buyers are not aware that CHFA removed the first time home buyer restriction from most of their down payment assistance programs. CHFA is currently providing a 4% non-repayable down payment assistance grant OR a 5% silent second mortgage to help you purchase a primary residence in Colorado. Depending on which option you decide to use, the down payment assistance grant and silent second mortgage may be used towards your down payment, closing costs, or a combination of the two.

CHFA requires buyers to have a minimum contribution of $1,000 into the transaction. The $1,000 contribution may be gifted by an acceptable donor (e.g. family member). A major key benefit of CHFA's down payment assistance grant and silent second, is that if you can negotiate a seller concession into your purchase contract when buying a house, the seller concession can pay for your closing costs, while the down payment assistance grant or silent second would cover your down payment requirement. It is absolutely possible to purchase a home in Colorado with only $1,000 cash out of pocket utilizing CHFA's down payment assistance grant or silent second loan structures.

Wilcock Team - NOVA Home Loans
50 S Steele Street, Suite 200
Denver, CO 80209

NMLS: 389617 | NOVA NMLS: 3087