First Time Home Buyers

Down Payment and/or Closing Cost Assistance Options

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Homebuyers using one of our first mortgage loan programs to finance their home purchase are eligible to use CHFA assistance options to help with down payment and/or closing costs. Even if you contribute towards a down payment, you may still use one of the options below.

 

Down Payment Assistance Grant

• Up to the lesser of $25,000 or 3 percent of your first mortgage
  (Example: Get up to $6,000 on a $200,000 mortgage)

• No repayment required

Second Mortgage Loan

• Up to the lesser of $25,000 or 4 percent of your first mortgage

          (Example: Get up to $8,000 on a $200,000 mortgage)

• Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or the sale or refinance of the home, or the home is no longer your primary residence. 

 

How to get a CHFA Loan

CHFA believes in responsible, affordable homeownership. 

• Home purchase loan programs

• Grants and second mortgage loans for down payment and/or closing cost assistance 

 

General Program Requirements

The following are some of CHFA’s general requirements:

• All borrowers have a mid-credit score of 620 or higher

• Total borrower income must not exceed CHFA’s income limits

• Attend a CHFA-approved homebuyer education class (in person or online) prior to loan closing

• Make a minimum borrower financial contribution of at least $1,000 toward the purchase of the home

In addition to meeting CHFA program requirements, borrowers must qualify according to the underwriting guidelines as determined by one of CHFA’s Participating Lenders.  

 

Important Next Steps

• Take a homebuyer education class:

  • You must complete a CHFA-sponsored homebuyer education class before closing on your home loan under a CHFA program. We recommend taking the class early in your housing search so that you are prepared.

  • In-person and online options are available.

  • Register for a class today!