Colorado Housing and Finance Authority's Homeaccess Program
In an effort to help make homeownership dreams come true for residents, the Colorado Housing and Finance Authority (CHFA) offers eligible first-time homebuyers assistance through the CHFA Homeaccess Program.
Available Assistance
The CHFA HomeAccess program offers assistance to first-time homebuyers in the form of a zero-interest second loan up to $25,000. These funds are available for assistance with down payment, closing costs, and prepaids. Repayment is deferred until the first mortgage loan is paid, or beginning in month 361.
Eligibility Requirements
There are a number of guidelines that applicants must meet before they are deemed eligible for the CHFA Homeaccess program. The program is only open to first-time homebuyers or qualified veterans who fall within the set income limits. Borrowers must have a permanent disability or be custodial parents of a child who has a permanent disability.
To qualify, all borrowers must have a minimum credit score of 620 or higher; borrowers with no credit score permitted. The program can only be used in conjunction with FHA 203(b) or USDA-RD loans, and the maximum loan limit for all mortgages is the lower of $548,250 or the amount determined by the applicable FHA or USDA-RD guidelines.
Property Guidelines
Any home purchased with program funds must be owner-occupied and serve as the borrower’s primary residence. Eligible property types include single-family, one-unit, attached, or detached homes; PUDs, condominiums, and manufactured housing on a permanent foundation (including single-wide). Properties with Accessory Dwelling Unit (ADU) are not allowed under the program guidelines.
Smart Start Homeowners are experts with first time home buyers and all down payment assistance programs. We are with you every step of the way.
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