​​​​​​​​​​​​​​If you have a  minimum mid credit score of 680, you may qualify to purchase or refinance with a 30-year fixed rate mortgage requiring only 3 percent down and no mortgage insurance. Typically, borrowers will need to contribute 20 percent down to avoid paying for costly mortgage insurance (MI).​ Eligible homebuyers may also be able to increase their savings with a CHFA Mortgage Credit Certificate (CHFA MCC).

Home purchase loan applicants must meet the following minimum criteria*:

  • ​Complete a CHFA-approved homebuyer education class 
  • Have a mid credit score of 680 
  • Contribute a 3 percent down payment (may be a gift)
  • Meet incom​e limits​​
* In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting 
  ​ guidelines determined by your CHFA Participating Lender.


R​efinancing applicants must meet the following minimum criteria*:​ 

  • Meet income lim​its​​​ 
  • Have a mid credit score of 680
  • Have a 3 percent equity contribution​ 
* In addition to qualifying for the CHFA program guidelines, you must also qualify according to the first mortgage underwriting 
   guidelines determined by your CHFA 
Participating Lender.

step 1: determine your credit score ​

The first step you should take is to determine your credit score, since it is an important qualification for mortgage loan programs. Credit scores can range from about 300 to 850. 

There are three large national companies that provide most credit reports:

​Most of our programs require a 620 minimum mid credit score; see our specific loan program information for more details.


step 2: decide how much you can afford

It's always smart to understand how much you can realistically afford for a monthly mortgage payment before you start looking for homes. Using our mortgage calculator​ helps you look at the whole picture: upfront costs, down payment, and monthly payments.​  

Once you have an idea of the true cost, determine your available funds. Do you have enough money saved for a down payment and closing costs? If not, CHFA can help—many of our loan programs only require a 3 percent down payment. Use our CHFA Down Payment Assistance Grant (CHFA DPA Grant)​ or zero-percent second mortgage loans to help cover your down payment and closing costs.


step 3: take a homebuyer education ​course

 ​ ​​The best way to make informed decisions about buying and owning a home is to be educated. We sponsor homebuyer education classes across the state and online to help you learn the ins-and-outs of homebuying and homeownership. We require all borrowers using one of our mortgage loans to take a CHFA-approved homebuyer education class before closing on their loan or a CHFA MCC.

 View our list of CHFA-approved education providers​ on our website and check the schedule to find a class date convenient for you. 

step 4: figure out what type of loan you need

Once you are informed about the variety of programs available, it's time to see what programs might work for you. Some questions to ask to narrow your decision are: Are you purchasing a home or refinancing? Are you a veteran? Do you live in a rural area? No matter your needs, we have you covered!​


step 5: contact a chfa participating lender

Contact a CHFA Participating Lender​ in your area to apply for a loan. The lender will look at your monthly income, credit history, and debt level to confirm how much you may qualify for. He or she will also recommend the best CHFA mortgage program for your needs.

step 6: become a chfa homeowner 

Once you have purchased your home, the adventure begins! You can relax knowing that you have an extremely knowledgeable team just a phone call away. Our Loan Servicing Team will help you successfully manage your CHFA home mortgage loan account and answer any questions you have.

Find out more on the CHFA website.

Not all lenders service CHFA Loans. If you would like an introduction to a fantastic Denver area lender who can answer all of your CHFA-related questions and determine if you might be qualified for a CHFA loan, contact us.

Posted by West + Main Homes on
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