Homeownership isn’t just for now—it can help build generational wealth for the future. If you are a first-generation homebuyer, CHFA FirstGeneration can help you begin your legacy of homeownership.
CHFA FirstGenerationsm provides an enhanced opportunity for first-generation homebuyers to become homeowners.
If you are the first person in your immediate family to be a homebuyer, you may not have had the benefit of intergenerational wealth, with previous generations being able to pass down their home or benefit from the equity gained. Why not start with you?
More affordable homeownership: $25,000 down payment
- Use less savings for down payment
- Must use a CHFA first mortgage loan
- Repayment of loan balance deferred until events such as payoff of first mortgage loan, sale of home, refinance of home, or the home is no longer your primary residence
Who is a “first-generation homebuyer?”
A borrower who has never owned a home and whose parents or guardians never owned a home during the homebuyer's lifetime.
Borrowers having lived in the foster care system do not need to be first-generation homebuyers but must have never owned a home.
When You Are Ready
Have questions? Helpful resources include:
FAQs
A borrower who has never owned a home and whose parents or guardians never owned a home during the homebuyer's lifetime. Borrowers raised in the foster system do not need to first-generation homebuyers but must have never owned a home.
The borrower will be required to submit an affidavit provided by their lender attesting to meeting the definition.
This program is an ongoing program; there is no limit to the funds allocated for this program and so no limited application period.
Yes, any borrower or co-borrowers must meet the first-generation requirements.
Repayment of loan balance is deferred until certain events, such as payoff of the first mortgage loan, the sale or refinance of the home, or the home is no longer your primary residence.
No. You must pair the down payment with the first mortgage loan program.
Yes. You may pair other down payment programs with the CHFA FirstGeneration Program as long as it is considered a community second, meets all underwriting guidelines, and will be in third lien position if applicable.
CHFA’s vision is that everyone will have the opportunity for housing stability and economic prosperity. To meet this vision, CHFA believes that equitable homeownership resources should be provided to meet people where they are. It is a key initiative of CHFA to increase homeownership for underserved populations, in which there is the largest occurrence of families who have no history of homeownership. By providing this program with a guaranteed down payment of $25,000, the hope is to make homeownership more accessible and more affordable for first-generation homebuyers.