Affordable Colorado New Home Loans

Colorado Housing and Finance Authority (CHFA) is a quasi-governmental agency that was created in 1973 to address the shortage of affordable housing in the state of Colorado. CHFA offers a variety of loan programs to help Colorado residents purchase a home, including:

FirstStep Loan: This is a mortgage loan program for first-time homebuyers who have low-to-moderate incomes.

NextStep Loan: This is a mortgage loan program for homebuyers who have not owned a home in the past three years and have moderate-to-low incomes.

FirstHome Loan: This is a mortgage loan program for first-time homebuyers who have low-to-moderate incomes and are purchasing a home in a targeted area of the state.

FirstTimePlus Loan: This is a mortgage loan program for first-time homebuyers who have low-to-moderate incomes and are purchasing a home in a targeted area of the state. This program offers additional assistance in the form of a grant to help with down payment and closing costs.

NextHome Loan: This is a mortgage loan program for homebuyers who have not owned a home in the past three years and have moderate-to-low incomes. This program is available to homebuyers who are purchasing a home in a targeted area of the state.

HomeAccess Loan: This is a mortgage loan program for homebuyers with disabilities or who are purchasing a home for a household member with a disability.

Military Heroes Loan: This is a mortgage loan program for active duty military personnel, veterans, and surviving spouses.

Home Ownership Preservation Loan: This is a mortgage loan program for homeowners who are facing financial hardship and are at risk of losing their home to foreclosure.

Colorado Housing and Finance Authority (CHFA) offers several down payment and closing cost assistance programs to help homebuyers with the upfront costs of purchasing a home. These programs are available to homebuyers who meet certain income and other eligibility requirements.

1. CHFA Down Payment Assistance Grant: This program provides a grant to help homebuyers with the down payment and closing costs of purchasing a home. The grant is available to first-time homebuyers and certain repeat homebuyers who meet income and other eligibility requirements.

2. CHFA Closing Cost Assistance Grant: This program provides a grant to help homebuyers with the closing costs of purchasing a home. The grant is available to first-time homebuyers and certain repeat homebuyers who meet income and other eligibility requirements.

3. CHFA DPA Plus: This program provides a grant to help homebuyers with the down payment and closing costs of purchasing a home. The grant is available to first-time homebuyers and certain repeat homebuyers who meet income and other eligibility requirements, and who are purchasing a home in a targeted area of the state.

4. CHFA Silent Second: This program provides a second mortgage to help homebuyers with the down payment and closing costs of purchasing a home. The second mortgage is forgiven over a period of time if the homebuyer remains in the home and meets certain requirements.

5. CHFA Second Mortgage: This program provides a second mortgage to help homebuyers with the down payment and closing costs of purchasing a home. The second mortgage is forgiven over a period of time if the homebuyer remains in the home and meets certain requirements.

6. CHFA Cash Assistance: This program provides a cash assistance payment to help homebuyers with the down payment and closing costs of purchasing a home. The assistance is available to first-time homebuyers and certain repeat homebuyers who meet income and other eligibility requirements, and who are purchasing a home in a targeted area of the state.

Veterans Administration (VA) loan programs are government-backed mortgage programs that are available to eligible military veterans, active-duty service members, and their families. The VA offers several different loan programs, including:

1. VA purchase loans: VA purchase loans are designed to help veterans and active-duty service members buy a home. These loans do not require a down payment and offer competitive interest rates and terms.

2. VA cash-out refinance loans: VA cash-out refinance loans allow veterans and active-duty service members to refinance their current mortgage and take out cash at the same time.

3. VA interest rate reduction refinance loans (IRRRLs): VA IRRRLs allow veterans and active-duty service members to refinance their current VA loan at a lower interest rate.

4. VA adaptive housing grants: VA adaptive housing grants provide financial assistance to veterans and service members with disabilities to help them purchase or adapt a home to meet their needs.

To be eligible for a VA loan, you must meet certain service requirements, such as serving on active duty for at least 90 consecutive days during wartime, or 181 days during peacetime. You must also meet certain income and credit requirements, as well as other eligibility criteria. You should check with a VA-approved lender for specific eligibility requirements and to determine if you qualify for a VA loan

USDA loan programs are loan programs offered by the United States Department of Agriculture (USDA) that are designed to help low- and moderate-income individuals and families purchase homes in rural areas. The USDA operates several loan programs, including:

USDA Direct Loans: These loans are offered to low-income individuals and families who are unable to qualify for other financing. They are available in rural areas and provide financing for the purchase of a home, as well as the construction or repair of a home.

USDA Guaranteed Loans: These loans are offered through private lenders and are guaranteed by the USDA. They are available to moderate-income individuals and families and are designed to help them afford a home in a rural area.

USDA Repair Loans and Grants: These loans and grants are available to low-income homeowners in rural areas who need to make repairs to their homes. The loans are for homeowners who cannot afford to make the repairs on their own, while the grants are for homeowners who are unable to repay a loan.

To be eligible for a USDA loan, you must meet certain income and credit requirements and must be able to demonstrate a need for the loan. You must also be purchasing a home in a rural area, as defined by the USDA. The USDA’s eligibility map for Colorado can be found at the following link: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=pageLoad&requestInfo=GuaranteedRuralHousing&navKey=property@11