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The winds of change are good.  CHFA (Colorado Housing and Finance Authority) made some fabulous changes to their statewide Mortgage Loan programs within the last year.  This in turn got our attention!  After investigating the programs and listening to our revered real estate partners, we too, saw the need for change.  For the past few months we have been educated and trained by the folks at CHFA and can now offer these programs to buyers.   They definitely fill a need in the marketplace.  Let’s take a look at the two most popular.

CHFA Advantage Purchase and Refinance Program – This is probably the most popular program because it has no private mortgage insurance requirements!  The down payment is only 3% (no down payment assistance from CHFA on this program, but will allow Community Seconds).  $1,000 minimal financial investment is required from the Buyer (and it may be a gift).  Their credit score must be 680+.  There are income and purchase price limits.  They must attend an on-line or classroom-based Homebuyer Education course.  Loan is not assumable. 

CHFA SmartStep and CHFA SmartStep Plus – This program is popular because it allows for a lower credit score and the ability to secure down payment and closing cost assistance. The credit score requirement is 620+.  Again, 3% down with a $1,000 minimum requirement from the Buyer (may be a gift).  The SmartStep programs are government loans, so there is mortgage insurance and it will depend on the loan type (FHA, VA, RD).  The SmartStep Plus includes a second CHFA mortgage for down payment and/or closing costs.  There are income and purchase price limits.  They must attend an on-line or classroom-based Homebuyer Education course.  Loan can be assumable, but subject to Assumptor’s eligibility and approval.

Obviously you will want to have your Buyer consult with your Loan Officer as there are other features, underwriting guidelines, and eligibility requirements that must be considered.  And, your Buyer must intend on living in the property.  These programs are specifically for owner occupants.  They do NOT need to be a first time homebuyer.  Both programs offer a 30 year term with an affordable fixed rate that can be used on almost every type of home (cannot be used on singlewide manufactured homes).  Plus, neither are subject to the Recapture Tax Provision. 

One other program worth mentioning is the CHFA HomeOpener & HomeOpener Plus.  These programs are identical to the SmartStep programs, including the ability to get down payment assistance from CHFA.  The only difference is that the HomeOpener programs have higher income limits and no purchase price limits; the interest rate is higher than on the SmartStep programs.

Here is the link to the Colorado Housing and Finance Authority website:  You can gather more information there on these programs as well as some others.  Keep in mind, your Mortgage Loan Officer has had extensive training in these programs and will look at the specifics of your buyer so that they can best direct them to ensure they meet program and underwriting guidelines both at CHFA and Zenith Home Loans.  These programs can open the doors for many future homeowners.  Change is good!

To start the process you can do any of the following:

Fill out the form below, or simply call us at (720) 943-4278

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