Colorado Homebuyer Programs
As leaders in the Colorado home loan space, we often hear from individuals who are interested in learning more about Colorado home buyer programs. We are always happy to answer questions and dispel common myths that keep potential homebuyers from pursuing the American dream. Let’s take a look at a very common myth:
Myth: 20% Down Payment Requirement
Many potential home buyers are under the impression that they have to be ready to put 20% on the purchase price to buy a home. This could not be further from the truth. In fact, there are some conventional loan options available that require as little as a 3% down payment and FHA loans only require 3.5%.
CO Homebuyer Programs
Even with conventional and FHA loans, there are additional options available through certain non-profit agencies. These organizations can assist with down payments and/or closing costs. Of all of the Colorado homebuyer assistance programs, the two most notable are:
Colorado Housing and Finance Authority (CHAFA)
The Colorado Housing and Finance Authority is committed to strengthening the community by helping residents find resources to assist with homeownership, affordable rent and much more. Learn more about CHAFA.
Colorado Housing Assistance Corporation (CHAC)
Founded in 1982, CHAC’s mission is to help make homeownership available to those with low to moderate incomes. Learn more about CHAC.
In addition to these two programs, there are many others offered through counties and municipalities which can be paired with the offerings from CHAFA and CHAC.
What You Need to Know
All of these programs come with a host of limitations and requirements. In order to navigate the application process, you will need to work with a lender that is very familiar with these programs and understands the nuances of each. These lenders will be able to help you understand the wide variety of requirements and limitations set forth by each individual program. Requirements which can include:
Maximum income requirements
Purchase price caps
Timeframe of living on the property requirements
Still have questions. Get all the details from home loan expert and CO homebuyer program specialist Brett Popish:
At Popish Mortgage we are proud to offer a wide variety of first-time homebuyer and down payment assistance programs. If you are ready to learn more and explore the options available to you, we encourage you to contact us today! Allow us to put our extensive knowledge to work for you!