programs, forms, and matrices
Program Comparison Card
View side-by-side program comparisons and learn CHFA program tips.
Select a program name from the dropdown menu below to find corresponding highlights, matrices, income limits, and forms. Forms are also available in CHFA HomeConnectionsm on an individual loan basis.
CHFA FHA Streamline Refinancesm Program Highlights
- Restricted to current CHFA Borrowers with an FHA first mortgage loan*.
- 30-year fixed-rate non-credit-qualifying FHA Streamline loans only
- Payment history eligibility:
- Mortgages must have a minimum payment history of six months reflecting all payments made within the month due.
- If the mortgage is seasoned more than six months, all payments must be made within the month due for the most recent six months and have no more than one 30-day late payment for the previous six months for all Mortgages on the subject Property.
- If the mortgage is seasoned more than 12 months, provide a payment history for the previous 12-month period.
- CHFA will only subordinate the CHFA DPA Second Mortgage Loan once as of 2024 program launch**
- No credit, income, or purchase price limits
- See matrix below for further details.
* CHFA HomeAccess and CHFA SectionEight Homeownership program loans may have certain restrictions.
**CHFA HomeAccess second mortgage loans are not eligible for subordination.
CHFA FirstGenerationsm and CHFA FirstGeneration Plussm Program Highlights
- Restricted to First-generation Homebuyers
- Any 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 care system do not need to be First-generation Homebuyers but must have never owned a home.
- 30-year fixed-rate FHA 203(b) purchase loans only
- Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted
- CHFA Second Mortgage Loan up to $25,000 for assistance with down payment, closing costs, prepaids, and/or principal reduction
- Income and purchase price limits apply
- Program eligibility is subject to CHFA's gross annual income calculation
- Subject to the Federal Recapture Tax provision
- Cannot be combined with any MCC program
- See matrix below for further details
- View FirstGeneration Program FAQs
- View FirstGeneration webinar slides
CHFA FirstStepsm and CHFA FirstStep Plussm Program Highlights
Low interest rate → Additional guidelines → Pre-closing program compliance review required
Learn about the CHFA overlays for the program before getting started.
- Restricted to first-time homebuyers, qualified veterans, or non-first-time homebuyers purchasing in targeted areas (see CHFA Seller's Guide for definitions)
- 30-year fixed rate FHA 203(b) purchase loans only
- Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted
- CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids
- Income and purchase price limits apply
- Program eligibility is subject to CHFA's gross annual income calculation
- Subject to the Federal Recapture Tax provision
- Cannot be combined with any MCC program
- See matrix below for further details
CHFA Preferredsm/CHFA Preferred Plussm Program Highlights:
- 30-year fixed rate Fannie Mae “HFA Preferred” or Freddie Mac “HFA Advantage” purchase loans only (97% LTV/ 105% CLTV)
- CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids
- Income limits apply (see income limits below)
- Program eligibility is subject to lender’s loan qualifying income calculation
- Minimum decision credit score of 620 or higher for all scored borrowers
- Charter level PMI coverage capped at 18% for borrowers with incomes at or below 80% AMI (CHFA-approved PMI providers)
- See matrix below for further details
CHFA Preferredsm Very Low Income Program (VLIP) Program Highlights
- 30-year fixed rate Freddie Mac “HFA Advantage” purchase loans (97% LTV/ 105% CLTV)
- CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids
- Lower income limits apply (see income limits below)
- Program eligibility is subject to lender’s loan qualifying income calculation
- Minimum decision credit score of 620 or higher for all scored borrowers
- Charter level PMI coverage capped at 18% (CHFA-approved PMI providers)
- See matrix below for further details
CHFA SectionEightsm Homeownership and CHFA SectionEightsm Homeownership Plus Program Highlights
- 30-year fixed rate FHA 203(b) or USDA-RD purchase loans only
- Restricted to first-time homebuyers or qualified veterans
- Borrower must be receiving Section 8 assistance from an approved Section 8 agency (agency must approve voucher to be used for homeownership)
- CHFA DPA Grant or CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids
- Income limits apply
- Program eligibility is subject to CHFA's gross annual income calculation
- Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted
- See matrix below for further details
CHFA SmartStepsm and CHFA SmartStep Plussm Program Highlights
- 30-year fixed rate FHA, VA, USDA-RD purchase loans only
- CHFA DPA Grant or CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids
- Income limits apply (see income and purchase price limits below)
- Program eligibility is subject to lender’s loan qualifying income calculation
- Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted
- See matrix below for further details
CHFA HomeAccesssm and CHFA HomeAccesssm Plus Program Highlights
- 30-year fixed rate FHA 203(b), VA, or USDA-RD purchase loans only
- Borrower must have a permanent disability or are the custodial parent or legal guardian of an individual who has a permanent disability
- CHFA HomeAccess Second Mortgage Loan up to $25,000 available for assistance with down payment, closing costs, and principal reduction
- Cosigners allowed
- Income limits apply (see income and purchase price limits below)
- Program eligibility is subject to lender’s loan qualifying income calculation
- Minimum decision credit score of 620 or higher for all scored borrowers; borrowers with no credit score permitted
- See matrix below for further details
- Click here to view approved lenders that may offer this program
Colorado HFA1sm and Colorado HFA1 Plussm Program Highlights
- 30-year fixed rate FHA, VA, USDA-RD, Fannie Mae (HFA Preferred) or Freddie Mac purchase (HFA Advantage) loans
- CHFA DPA Second Mortgage Loan available for assistance with down payment, closing costs, and prepaids
- Income limits apply (see income and purchase price limits below)
- Program eligibility is subject to lender’s loan qualifying income calculation
- Minimum decision credit score of 620 or higher for all scored borrowers
- See matrix below for further details
To view applicable CHFA Submission Checklists, please login to HomeConnection.