We just received notification from CHFA about a few changes to their program that will help even more people qualify for down payment assistance. Here are the changes:
- Income limits are now based on two buckets (1-2 Person Household & 3+ Person Household)
- Higher income limits in targeted areas
- First time homebuyer restriction removed for targeted areas for all CHFA programs
Two Income Limit Buckets
Previous to this recent change, CHFA had three income buckets. The buckets were for 1, 2 or 3+ person households. They have eliminated the bucket for 1 person households which are now part of the 2 person bucket now labeled 1-2 person household. Here are the new income limits in Denver Metro for First Step, First Step Plus and MCC with CHFA:
| 1-2 Person Household Income Limit | 3+ Person Household Income Limit |
|---|---|
| $75,900 | $87,200 |
Previously, the income limits for a 1 person household size was much lower (a bit over $60,000).
Targeted Area Income Limits
The income limits have been increased and are also put into two buckets as mentioned above. Here are the revised targeted area income limits for Denver Metro:
| 1-2 Person Household Income Limit | 3+ Person Household Income Limit |
|---|---|
| $91,000 | $106,200 |
Visit CHFA’s website for a full list of target areas.
Non-First Time Homebuyers Now Allowed
Here is a direct quote from CHFA about this change:
CHFA has removed the First Time Homebuyer restriction for the CHFA FirstStep, CHFA FirstStep Plus, and CHFA MCC programs for all loans made or CHFA MCCs issued on properties located in a Targeted Area.
