Loan Programs
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It is up to the consumer to contact these entities and find out the specifics of each program. For information, please leave a phone message or send an e‑mail. For new loan applications or processing, e‑mail For questions about an account or to request a payoff statement e‑mail For Housing Counseling or Homebuyer Education Class information e‑mail To learn more about the different home financing programs for teachers in Colorado, contact us today and we will walk you through all your options.
For homebuyers in rural areas, USDA home loans are one of the last $0 down, 100% financing options available. USDA-guaranteed mortgages offer more lenient eligibility requirements and lower costs both upfront and long term when compared to FHA home loans. Homes in many small towns and suburbs in Colorado fall under the USDA’s definition of “rural,” including many properties in Douglas County. We are a leading providing of USDA home loans and mortgages, and a TOP 10 lender by volume in 2020 . Jumbo loans are available in Colorado for situations where the amount of the mortgage or home loan exceeds loan limits set by Fannie Mae and Freddie Mac (currently $647,200).
Enabling the Accessibility Menu
Our Website strives to ensure that its services are accessible to people with disabilities. Today's technology is providing a more productive environment to work in. For example, through our website, you can submit a completely online, and secure loan application. You may also evaluate your different financing options by using our interactive calculators and going over various mortgage scenarios.
We also have many unique refinancing options for investment properties. Contact us today to see what your best refinance options are. Through our statewide network of CHFA Participating Lenders, we offer home purchase loan programs, grants, and second mortgage loans for down payment/and or closing cost assistance. FHA loans are flexible home loan programs for borrowers that may have higher debt-to-income ratios and those with lower credit scores. FHA home loans are a type of government-backed mortgage with down payment requirements as low as 3.5% in Colorado. Borrowers with bad credit as low as 500 may qualify with a minimum of 10% down.
Colorado Loan Programs
We understand that buying a home is a special and exciting experience, and we are committed to making the process an excellent one. As a CHFA borrower, you will take a homebuyer education class to prepare for the responsibilities of homeownership. As with any home loan, borrowers can choose where they want to buy. The agency says its average loan is for $225,000 while noting that many borrowers have been approved for new or near-new $300,000 homes. CHFA-backed originations can be found throughout the metro area with Aurora, Denver, Colorado Springs, Thornton, Commerce City and Greeley producing the most volume.
CHFA really tries to help people make informed decisions and further understand the home buying process,” the MacPhersons said. Service – Get the best service in the business, with fast response times and streamlined application processes. Compare current rates from leading mortgage providers in three minutes or less today. CHFA helps homeowners at risk of foreclosure connect with HUD-approved housing counselors.
Hard Money Loans
Like a lot of the Denver area, these cities have significant new home construction. Rising prices and a blazing hot real estate market nationwide have complicated matters for first-time and repeat buyers alike. We are committed to providing every client with the personal attention and custom home loan options they deserve. Based in Castle Rock, CO- our team of mortgage professionals are ready to guide you through the mortgage process every step of the way. CHFA’s mission is to strengthen Colorado by investing in affordable housing and community development.
This seems to be part of the CHAC program, because interested parties are referred to it. CHFA down payment assistance grants provide up to 3% of your mortgage amount as a grant, which is money that never has to be repaid. To qualify for assistance from CHAC, you will need to have a household income that’s no higher than 80% of the area median income where you want to buy. In addition to down payment assistance, CHAC offers education courses and counseling. The Colorado Housing Assistance Corporation is another official statewide body providing all sorts of advice, education, and assistance to any first-time homebuyer in Colorado who asks. Putting 20% down will keep your monthly mortgage payments low.
Please continue to work with your lender during this time in discussing any loss mitigation options. Have a loan under the conforming loan limits (non-jumbo loan) at time of origination or most recent refinance . The FHA Loan is the type of mortgage most commonly used by first-time homebuyers and there's plenty of good reasons why. Colorado teachers will be glad to know that they may qualify for one of the best home loans and service in the marketplace today. The Educator Mortgage Program was designed specifically for you!
Talk to your lender about your options and, in the meantime, do what you can to improve your score. CHFA’s program is often promoted to first-time homebuyers but is available to anyone provided they fall within the specific income and purchase price limits . Buyers with low credit scores of 500 can also obtain these loans by putting down a 10% down payment.
Boasting over 15-years of industry lending experience, Elizabeth understands the importance of closing on time, every time. In addition to being a loan officer, she manages operations for four branches from Aurora and Parker, CO, Boise, ID, and Ft. The November 2022 election resulted in several new and expanded resources to support affordable housing in Colorado. Most notably, voters passed Proposition 123 which creates a permanent and dedicated statewide fund for affordable housing.
Click here to access homeownership information in Spanish, and click here to learn more about how CHFA is partnering with Colorado’s Black and African American Community to advance Black homeownership. Depending on the program you may be restricted from having more than one CHFA loan at a time. All the organizations we’ve listed above should provide advice freely to any first-time home buyer in Colorado. Note that availability and income caps may have been updated by the time you read this.
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