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Are you dreaming of owning your first home but feeling overwhelmed by the financial hurdles? You're not alone! Many first-time homebuyers and real estate investors face the challenge of securing funding for their dream properties. But here's the good news: Colorado has incredible resources to help you step into homeownership without draining your savings. We're diving into the CHFA First Step Program, a game-changing grant opportunity that could unlock up to $25,000 in down payment assistance. Ready to learn more? Let's dive in!
What Is the CHFA First Step Program?
The CHFA (Colorado Housing and Finance Authority) First Step Program offers a 30-year fixed-rate FHA mortgage, ensuring stable and predictable payments for first-time buyers. But that’s not all! If you need help with the down payment, CHFA has your back with the First Step Plus program. This includes:
CHFA Down Payment Assistance Grant: Up to $25,000 or 3% of the first mortgage, whichever is less. The best part? No repayment required—this is free money!
CHFA Second Mortgage: Up to $25,000 or 4% of the first mortgage, whichever is less. Payments aren’t due until you sell, refinance, or pay off the first mortgage.
Whether you're looking to cover upfront costs or keep more cash in your pocket, this program offers the flexibility to make homeownership a reality in Colorado.
Who Qualifies for This Opportunity?
Eligibility for the CHFA First Step Program is straightforward, but there are some key requirements to keep in mind:
This program is especially beneficial for first-time buyers looking to purchase in Colorado's targeted areas, which include historically redlined neighborhoods. It's a fantastic way to turn the tide and build wealth for future generations.
How to Apply for the CHFA First Step Program
Interested? Here's how to get started:
Connect with a CHFA-approved lender: They will review your financials and determine eligibility.
Complete the homebuyer education course: This required course prepares you for the responsibilities of homeownership.
Get pre-approved and start shopping: Work with your lender to secure approval and begin your home search.
Remember, you don’t apply directly through CHFA, so working with an approved lender is key. With up to $25,000 in assistance waiting for you, what’s your excuse now?
Take Action Today!
From understanding the lingering effects of redlining to uncovering funding opportunities like the CHFA First Step Program, this episode of Market Medic Mondays has been packed with information to help you thrive in Colorado’s real estate market. Here's the big takeaway: opportunities are out there—but you have to act!
So, what’s your next move? Are you ready to buy your first home, step into the rental game, or keep learning until the time is right? Whatever it is, don’t let analysis paralysis hold you back. If you’re unsure where to start, book a personalized Wallet Wellness Exam to align your credit, cash flow, and taxes for homeownership or investing.
Let’s keep this conversation going! Share your thoughts and questions in the comments. And if you found this guide helpful, don’t forget to like, share, and subscribe. Know someone in Colorado or planning to move there? Send them this blog—free money is waiting for them!
Until next week, stay empowered, stay strategic, and stay building.
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