Colorado - Government Backed Loans

Colorado Housing and Finance Authority (CHFA) helps improve the lives of people throughout Colorado by financing the places where people live and work. CHFA was created in 1973 by the Colorado Legislature to address the shortage of affordable housing in the state. Since then, CHFA has established itself as the front-runner in the affordable housing industry by financing single family mortgages for qualifying homebuyers and supporting developments of apartments for low and moderate income residents.

Refinance Programs

CHFA HomeStretch

The CHFA Home Stretch mortgage may be used to either acquire a home or refinance a current mortgage. This program offers a 40-year, fixed-interest conventional home loan and higher income limits, and no first-time buyer requirements, prepayment penalties or Recapture Tax. An optional interest-free second mortgage is also available for 3% of the first mortgage's amount and is to be used toward a downpayment and closing costs.

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CHFA FHASecure Refinance

This 30-year fixed-interest refinancing program may be used to refinance any conventional loan. Higher income limits, no purchase price limits, prepayment penalties or Recapture Tax make this program an affordable refinancing option. An optional, interest-free second mortgage is also available for 3% of the first mortgage's amount and is to be used toward a downpayment and closing costs.

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Second Mortgage Loans

To be used in conjunction with the MRB First Step or Taxable Home Opener programs, the Second Mortgage Loan is to be used toward a downpayment and closing costs. This interest-free second mortgage is available for 3% of the first mortgage's amount, has a 30-year term and payment is deferred until the first loan is refinanced.

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Purchase Programs

MRB First Step

MRB First Step is a first mortgage program for first-time homebuyers which offers a lower, fixed-interest rate and an optional second mortgage to be used toward a downpayment or closing costs of the first loan. Income and purchase price limits apply to this program, and homebuyers must attend a Homebuyer Education Class as well as contribute a minimum $1, 000 toward the purchase of the home.

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Taxable Home Opener

The Taxable Home Opener is designed to offer borrowers who have previously owned a home a first mortgage which accepts higher incomes than the MRB First Step program. The Taxable Home Opener provides a competitive interest rate and an optional second mortgage to be used toward a downpayment and closing costs. Homebuyers must contribute a minimum of $1, 000 toward the home's price.

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HomeAccess Suite of Programs

The HomeAccess and HomeAccess Plus programs are designed to assist low-income first-time homebuyers with disabilities or have a child with disabilities to purchase a home. With the HomeAcess Program, eligible borrowers may qualify for a first mortgage at a below market fixed-interest rate, or a fixed-interest mortgage loan through the HomeAccess Plus Program. Homebuyers who have previously owned a home may be eligible for the Taxable HomeAccess Program. An optional $10, 000 HomeAcess Second Mortgage is available to assist in a downpayment and closing costs.

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Mortgage Credit Certificate

Eligible homebuyers are able to save money via Mortgage Credit Certificates, as this program offers income tax benefits, and homebuyers are to use savings toward monthly mortgage payments. The benefits are procured by taking a 20% credit against their federal income tax liability, and an 80% deduction for the mortgage interest paid.

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