Many home buyers in Colorado Springs that would like to buy a home but cannot afford the down payment can receive down payment assistance from the Colorado Housing and Finance Authority (CHFA).
CHFA now has a new home loan program available not only to first time home buyers but also to those who have purchased a home previously. Qualified home buyers can receive down payment and closing cost assistance through CHFA after they complete the required education course. There are many CHFA participating lenders that work with home buyers in Colorado Springs and can provide more information about CHFA’s products (HomeOpener and HomeOpener Plus mortgages).
Some of the requirements to qualify for CHFA include:
- A credit score of at least 620
- Debt to income ratio cannot exceed 45% of income (this includes the mortgage payment)
- Required Homebuyer education class is free and can be completed in a classroom or online.
- Buyer must meet income limits in order to qualify