CHFA has New Home Loan Programs
March 12th, 2009 Categories: Buyer's Corner, Colorado Round Up, First Time Buyers, Market Watch
What is CHFA? It stands for the Colorado Housing and Finance Authority and is based in Denver, Co. CHFA makes loans possible for low to moderate income homebuyers with lower credit scores.
CHFA’s newest programs are called the HomeOpener and HomeOpener Plus loan programs. These programs are available to both first time homebuyers and those buyers that have purchased one home already. Homebuyers must attend the homebuyer education course offered through the Authority. The 30 year, fixed rate loans offer down payment assistance and closing cost assistance through CHFA. For a homebuyer to qualify, their credit score must be a minimum of 580 and a maximum debt to income ratio (DTI) of 45%.
CHFA created these new HomeOpener products working in partnership with Ginnie Mae (Government National Mortgage Association.) Ginnie Mae is a federal organization which funnels money into the housing markets.
CHFA began in 1973 by the Colorado Legislature to make affordable housing more available and CHFA has become a major provider for financing for homes to low and moderate income residents.
For more information go to: Colorado Housing and Finance Authority
