CHFA SmartStep Plus Grant vs Second Mortgage | Colorado First Time Home Buyer

Comparing CHFA’s SmartStep Plus program grant option and second mortgage option. Colorado first time home buyers commonly turn to CHFA for down payment assistance but when they realize that one of their most popular down payment assistance programs has multiple options it can get a bit confusing on deciding which one is best.

What’s best for you may not be best for someone else. That’s why I’ve run the numbers so you know what to look at and compare when deciding for yourself.

CHAPTERS:
00:00 Intro - CHFA Grant vs Second Mortgage
00:49 CHFA SmartStep Plus Program
01:33 #DMAR Colorado Real Estate Stats
02:15 Down Payment and Loan Calculations
03:02 Comparing Assistance Amounts
03:39 Comparing Rates
04:00 Comparing Payments
04:29 Comparing Overall
05:40 Benefits of Grant
06:25 Break Even Calculation
07:26 If I were in your shoes

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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

The information contained, and the opinions expressed, in this video are not intended to be construed as investment advice. Citywide Home Loans & the Wynn & Eagan Team does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Citywide Home Loans & the Wynn & Eagan Team will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

[raebearalvarez]

In 2019 When I went through CHFA for my condo. I was in no way told about the 2 different programs and was not even given a opportunity to choose. I would have chosen the grant program instead of the second mortgage. Because the amount I needed for down and for closing was relatively small. Now I am stuck trying to figure out, 5 years later on what kind of loan for home improvements that are needed is best to get.

They require you to attend a class in order to get the down assistance but really do not tell you enough about your options. I went in blind relying on the fact that I thought they were there for my well being but they weren't.

Even the mortgage company charged fees that weren't even valid. ($150.00 fee to unlock water heater door for inspections) when all doors have the same unlockable handle on them. I am stuck. So many things that need to be fixed that I didn't know about when I purchased. Feel like I was taken advantage of.

I just need help trying to figure out which direction is better for home improvement loans but I have no clue where to even start