Colorado Housing & Finance Authority (CHFA)

Colorado Housing & Finance Authority or CHFA is one of the best assistance programs in the state due to the fact that they provide assistance statewide, always have funding available, and have some of the highest income limits.

Here you’ll find all the information you need about the various CHFA loans, down payment assistance and mortgage credit certificates (MCCs).

CHFA FirstStep & CHFA FIRSTSTEP PLUS

0% interest, silent second with no monthly payments required. Must be paid in full upon sale, refinance or if property is no longer the borrower’s primary residence.

COUNTY	PURCHASE PRICE LIMIT*
Denver Metro**	$510,400
Boulder	$510,400
El Paso	$316,500
Larimer	$403,300
Weld	$493,300

*Targeted areas may have higher purchase price limits. See full chart for details.
**Denver Metro includes Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties.

COUNTY	1-2 People	3+ People
Denver Metro*	$100,000	$115,000
Boulder	$115,000	$132,300
El Paso	$90,200	$103,700
Larimer	$99,400	$114,300
Weld	$108,200	$126,200

*Targeted areas may have higher income limits. See full chart for details.
**Denver Metro includes Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties.

Borrowers must be a First-time Homebuyer or Qualified Veteran. An Applicant who has had no present ownership interest in a principal residence at any time during the three-year period ending on the date the mortgage is executed (i.e. the Mortgage Loan Closing Date). A Qualified Veteran may be treated as a First-time Homebuyer. Follow FHA guidelines regarding borrower legal status.

- - Non-targeted Areas: Borrower must be a first-time homebuyer or a qualified veteran.
  - Targeted Areas: Borrower does not need to be a first-time homebuyer. Targeted areas also offer higher income limits.

HOMEBUYER EDUCATION: CHFA requires all borrowers and co-borrowers to individually complete an online or classroom-based CHFA-approved homebuyer education course provided by a CHFA-approved provider, prior to the closing date. Homebuyer education certificates are valid for twelve (12) months. Borrowers must be under contract prior to the expiration of the homebuyer education certificate.
MINIMUM CONTRIBUTION: $1,000 Minimum Financial Contribution (may be a gift)
PROPERTY TYPE: Single family, one unit, attached, detached homes; PUDs, attached, detached; condominiums; and manufactured housing on a permanent foundation

CHFA SMARtStep & CHFA SMARTSTEP PLUS

0% interest, silent second with no monthly payments required. Must be paid in full upon sale, refinance or if property is no longer the borrower’s primary residence.

PURCHASE PRICE LIMITS: No purchase price limits however maximum loan limit may not exceed lower of $548,250 or limit required by FHA, VA or USDA.
INCOME LIMITS: Statewide income limit of $126,200 regardless of county, targeted or non-targeted area, or household size.
FIRST TIME HOME BUYER: Not required
HOMEBUYER EDUCATION: CHFA requires all borrowers and co-borrowers to individually complete an online or classroom-based CHFA-approved homebuyer education course provided by a CHFA-approved provider, prior to the closing date. Homebuyer education certificates are valid for twelve (12) months. Borrowers must be under contract prior to the expiration of the homebuyer education certificate.
MINIMUM CONTRIBUTION: $1,000 Minimum Financial Contribution (may be a gift)
PROPERTY TYPE: Single family, one unit, attached, detached homes; PUDs, attached, detached; condominiums; and manufactured housing on a permanent foundation

CHFA Preferred & CHFA Preferred PLUS

TERM: 30 Year Fixed
LOAN TYPE: Conventional (Fannie Mae or Freddie Mac)
ASSISTANCE (SmartStep Plus): Non-repayable grant available for up to 3% of the first mortgage loan amount, or second mortgage for up to 4% of first mortgage loan amount to help cover down payment, closing costs, prepaids and/or principal reductions.

0% interest, silent second with no monthly payments required. Must be paid in full upon sale, refinance or if property is no longer the borrower’s primary residence.

PURCHASE PRICE LIMITS: No purchase price limits however maximum loan limit may not exceed lower of $548,250 or limit required by Fannie Mae or Freddie Mac.
INCOME LIMITS: Only the income utilized by the Participating Lender for purposes of credit qualifying the borrower(s) will be required for purposes of determining eligibility under CHFA’s Income Limits. Here are a few of the most popular areas:

COUNTY	INCOME LIMIT
Denver Metro*	$80,000
Boulder	$92,000
El Paso	$65,300
Larimer	$79,500
Weld	$67,400

FIRST TIME HOME BUYER: Not required
HOMEBUYER EDUCATION: CHFA requires all borrowers and co-borrowers to individually complete an online or classroom-based CHFA-approved homebuyer education course provided by a CHFA-approved provider, prior to the closing date. Homebuyer education certificates are valid for twelve (12) months. Borrowers must be under contract prior to the expiration of the homebuyer education certificate.
MINIMUM CONTRIBUTION: $1,000 Minimum Financial Contribution (may be a gift)
PROPERTY TYPE: Single family, one unit, attached, detached homes; PUDs, attached, detached; condominiums; and manufactured housing on a permanent foundation

CHFA Mortgage Credit Certificate (MCC)

Mortgage Credit Certificates (MCCs) provide eligible home buyers with a dollar for dollar federal tax credit for a portion of mortgage interest paid per year.

Occasionally CHFA participates in MCCs offered in the state of Colorado however there are currently no active MCC programs with CHFA.

When funds become available we will be sure to update this with all appropriate details.