CHFA Preferred - Conventional with Down Payment Assistance

Would you like to use down payment assistance to buy your next home in Colorado but prefer to use Conventional instead of FHA, VA or USDA? CHFA Preferred may be perfect for you…

CHFA Preferred is a 97% LTV, or 3% down payment, Conventional loan option. Just like CHFA Smart Step, there is no first time home buyer requirement to use the program.

You can use CHFA Preferred without down payment assistance or use the CHFA Preferred Plus which provides down payment assistance in the form of a second mortgage.

The second mortgage is for 4% of the first mortgage amount and has no monthly payments and 0% interest. Just pay it off when you sell, refinance or reach a $0 balance.

Income limits do apply and vary by county along with adjustments each year. Right now, for those purchasing in the Denver metro area, all borrowers on the loan must have qualifying income of $80,000 or less.

Loan limits are set at $510,400.

To be eligible you must purchase a single family home, townhome, condo or manufactured home that you plan to occupy as your primary residence.

All CHFA programs require a homebuyer education class to be taken by all borrowers. Right now classes are being offered online for free (normally online classes have a cost) due to COVID-19.

Helpful Links & Related Videos:

Whenever you're ready...here are some ways we can assist with your next home purchase:
📙 Download our Homebuyer Guide: Things to Consider When Buying a Home.

🤑 Get the list of Colorado’s No & Low Down Mortgage Options so you can purchase your next home with less money than you thought possible.

🚀 Want a boost in your credit score? Most advice about credit is generic or misleading and can hurt your home loan qualifying position. Take advantage of our Credit Booster Program and we'll provide the exact steps you need to take to boost your credit score fast with a home purchase and mortgage pre-approval as the top priority!

⛰️ Want a pre-approval that makes buying a home easy? Find out how our Rock Solid Pre-Approval provides you with the confidence you can buy a home and are utilizing the best home loan option to do so.

Scott Wynn
Wynn & Eagan Team at Citywide Home Loans
Mortgage Advisor
[phone]

This is not a commitment to lend. Program restrictions apply.
11990 Grant Street, Suite 120, Northglenn, CO 80233

[mrsmdub]

Thank you so much for this information! My 24 yr old daughter is looking into buying her first home here in Aurora, CO. The CHFA Preferred Plus sounds like a good option for her to do a conventional loan instead of FHA. Question, if she goes this route, will she be able to get the PMI removed once she reaches 20% equity without having to refinance?

[EnlightenMeLiz]

So the 3% would have to come from the purchaser? (& the down payment assistance essentially covers the other 17%, making for the total 20% down) is this correct