On January 28 we first told you about CHFA’s FirstStep and FirstStep Plus programs that were going to be available February 1, 2010. It is now February 1 and we wanted to let you know the details of the program.
CHFA FirstStep
Through the sale of non-taxable mortgage revenue bonds, CHFA is able to offer mortgage rates at or below market interest rates for first time buyers (anyone who has not owned a home for the past 3 years).
CHFA FirstStep Plus
Same program as the FirstStep with the addition of a second mortgage loan to assist with down payment, closing costs, prepaids and/or temporary buy downs. The maximum amount of the second mortgage is 3% of the first mortgage amount.
Income Limits
Both of these programs do have income limits associated with them. The entire household (everyone over 18 who will live in the home) must be below the total income as follows:
- 1 Person Household = $60,800
- 2 Person Household = $76,000
- 3+ Person Household = $87,400
Additional Restrictions
- CHFA is only available within the state of Colorado
- Borrowers must work with a CHFA Approved Lender
- Can not be combined with the Mortgage Credit Certificate
- Must be owner occupied and qualify for FHA, VA or USDA Mortgage Loans
- Additional restrictions may apply and details can be found at CHFA
Interest Rates
Rates can change at any moment but at the moment I type this the First Step Rates are:
- FirstStep = 5.000%
- FirstStep Plus = 5.25%
- Rates can be found on the CHFA website at http://www.chfainfo.com/lender/Single_family_lending_partners_and_realtors/Todays_rates.icm
Lending A Hand
Scott Wynn
The Wynn Team
Tags: Assistance, Choosing a Lender, Qualifying, Strategies
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