Homeownership Just Got More Affordable
CHFA Announces the CHFA Second Mortgage Loan to be Replaced with CHFA Down Payment Assistance Grant
CHFA does a great job at making homeownership more than just a dream here in Colorado but their new CHFA Down Payment Assistance Grant is an even greater improvement.
The CHFA Down Payment Assistance Grant will be: non-repayable, be in an amount of 3% of the first mortgage loan, and assist with down payment, closing costs, and/or pre-paids.
The old program, the CHFA Second Mortgage Loan required payment in full upon payoff of the first mortgage. Meaning--no monthly payments, and no interest charge but a you did have to pay the full amount of the second mortgage loan when you paid off your first mortgage.
With the new program being a grant, there is no payback whatsoever. The new CHFA DPA Grant program is set to begin on February 2, 2015 and will not be available for loans that are currently in a reserved status.
Please contact Popish Mortgage to learn more about how this grant program works!