The CHFA FirstStep program is a exempt first mortgage loan. It offers affordable interest rates and a 30-year term. Income and purchase price limits are listed on the back of this page. The federal Recapture Tax may apply upon sale of the home in certain situations but CHFA will reimburse you if you have to pay.
The CHFA FirstStep Plus program includes a Second Mortgage Loan for help with down payment and/or closing costs. Just like the CHFA FirstStep, this loan has a 30-year term and market interest rate (the same as the first mortgage).
here's how you qualify
To qualify for either program:
• you must be a first time home buyer* or a non-first time home buyer in a targeted area;
•
your income and the purchase price must be within the limits;
• you must attend a First Time Home buyer Education class;
•
you must contribute a minimum of $1000 of your own funds toward the purchase of the home;
• you must have a minimum credit score of 620.
American Financing is a participating lender
* A first time home buyer is defined by the CHFA as one who has not had an ownership interest in a primary residence for the three years prior to the mortgage loan closing.
OFFER VALID FOR COLORADO ONLY
If you would like more information on how this program works
CALL (303) 695-7000 and talk free with a Mortgage Consultant. |
