First time home buyers in the Denver real estate market often are well-qualified to purchase a home, but they lack the initial funds to make the down-payment.
Now, with the help of CHFA – Colorado Housing Finance Authority, there is a program they can use to purchase a Denver home!
The JUMPSTART Program allows buyers to borrow (from CHFA) their downpayment equal to 3.5% to purchase a home. The loan must be paid off in full by February 1, 2011 in order to have it interest free. If not paid off by then CHFA will charge 8% interest and the loan has a payoff of 10 years.
So, first time buyers as long as you qualify for the TAX CREDIT you can borrow the funds for your downpayment from CHFA, purchase and close on a home. When your TAX CREDIT comes in you payoff your interest free loan from CHFA and be a homeowner!
CHFA does have some stipulations. They encourage responsible home ownership, so buyers are required to take a Home Owner Class either in person or online. Additionally the buyer is required to have at least $1o00 of their own money into the transaction.
For information about this home loan program or how to buy a home in Colorado, please feel free to visit CHFA’s Website or give me a call. As always I welcome your call!
About the Author
Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog
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