CHFA FirstStep - First Time Home Buyer Program

Описание: CHFA FirstStep is a great program for Colorado First Time Buyers who are looking to buy but don’t have a ton of money for down payment. Using the CHFA FirstStep Plus program allows you to buy with no money down using CHFA’s second mortgage down payment assistance option.

Here is how the CHFA FirstStep Program works:
First of all, you must be a first time home buyer (someone who has not owned a home in the most recent three years).
If you are not a first time home buyer then you must meet one of the two exceptions:
1. Be a qualified veteran
2. Purchase in a targeted area

CHFA FirstStep has income limits by County which change every year. In the Denver Metro area, as of June 2020, the income limits are $100,000 for a household of 2 or less and $115,000 for a household of 3 or more.
Targeted areas have slightly higher income limits.

There are also purchase price limits for the CHFA FirstStep program, which for 2020, are $510,400 for Denver Metro. These change each year as well and vary by County.

To be eligible you must purchase a single family home, townhome, condo or manufactured home that you plan to occupy as your primary residence.

The CHFA FirstStep program comes in two programs:
FirstStep which is a 30 year fixed FHA loan with a 3.5% down payment or…
FirstStep Plus which is the same thing but it comes with the optional second mortgage.

The CHFA FirstStep Plus program’s second mortgage is 4% of the first mortgage amount and has no monthly payments and 0% interest. Just pay it off when you sell, refinance or reach a $0 balance.

The second mortgage can be used for down payment or closing costs with the only requirement being that you contribute at least $1,000 of your own money. Normally this isn’t an issue as described through the loan calculations in the video.

All CHFA programs require a homebuyer education class to be taken by all borrowers. Right now classes are being offered online for free (normally online classes have a cost) due to COVID-19.

Helpful Links & Related Videos:
What is LTV:    • What is Loan to Value? (LTV) And Why You S...  
5½ Reasons FHA is Better than Conventional:    • 5½ Reasons FHA is Better than Conventional  
FHA Upfront Mortgage Insurance Premium (UFMIP):    • FHA Upfront Mortgage Insurance Premium (UF...  
FHA vs Conventional 2020:    • FHA vs Conventional Home Loans for 2020  
CHFA Purchase Price Limits: https://www.chfainfo.com/participatin...
CHFA Income Limits: https://www.chfainfo.com/participatin...
CHFA Comparison: https://www.chfainfo.com/participatin...
CHFA Targeted Area Map: http://chfa.maps.arcgis.com/apps/View...
CHFA Homebuyer Education: https://www.chfainfo.com/homeownershi...

🔴 Don’t forget to subscribe to our channel:    / @wynn-team  

Whenever you're ready...here are some ways we can assist with your next home purchase:
📙 Download our Homebuyer Guide: Things to Consider When Buying a Home.
https://www.lendingahand.com/guide/

🤑 Get the list of Colorado’s No & Low Down Mortgage Options so you can purchase your next home with less money than you thought possible.
https://www.lendingahand.com/l/no-low...

🚀 Want a boost in your credit score? Most advice about credit is generic or misleading and can hurt your home loan qualifying position. Take advantage of our Credit Booster Program and we'll provide the exact steps you need to take to boost your credit score fast with a home purchase and mortgage pre-approval as the top priority!
https://www.lendingahand.com/l/credit...

⛰️ Want a pre-approval that makes buying a home easy? Find out how our Rock Solid Pre-Approval provides you with the confidence you can buy a home and are utilizing the best home loan option to do so.
https://www.lendingahand.com/l/pre-ap...

Scott Wynn
Wynn & Eagan Team at Citywide Home Loans
Mortgage Advisor
(720) 608-5533
YouTube:    / @wynn-team  
Facebook:   / wynnteam  
Instagram:   / wynnteam  
Website: https://www.lendingahand.com/

This is not a commitment to lend. Program restrictions apply.
11990 Grant Street, Suite 120, Northglenn, CO 80233
Visit https://www.lendingahand.com/about/li... for detail on our licenses.