At Speaks Straight Mortgage, we are excited to introduce Colorado Housing and Finance Authorities’ (CHFA) new programs: First Generation and First Generation Plus. These programs are designed to provide substantial financial assistance to first-generation homebuyers, offering up to $25,000 to help make homeownership more accessible.

Understanding the Program

The First Generation and First Generation Plus programs are groundbreaking in their support for first-time homebuyers. The assistance provided is in the form of a second mortgage with zero payments and zero interest, making it an attractive option for those who qualify.

Eligibility Criteria

To qualify for these programs, borrowers must meet specific criteria:

• First-time Homeowners: Borrowers must have never owned a home.
• Parental Homeownership: The borrower’s parents or guardians must have never owned a home during the borrower’s lifetime.
• Foster Care Exception: There is an exception for individuals who have been in foster care.
• Verification: Eligibility is verified through an initial applicant affidavit, which is a signed statement confirming the truth of the applicant’s claims.

Benefits of the Program

The First Generation and First Generation Plus programs offer significant benefits:

• Financial Assistance: Provides $25,000 in assistance, regardless of the purchase price of the home.
• Minimal Out-of-Pocket Expense: Borrowers can purchase a home with only $1,000 out of pocket, thanks to the program’s generous terms.
• No Payments or Interest: The second mortgage carries zero payments and zero interest, reducing the financial burden on the homeowner.

Note: Income restrictions apply to these programs.

Why This Program is a Game Changer

For first-generation homebuyers, these programs represent an incredible opportunity. The combination of substantial financial assistance, minimal out-of-pocket expenses, and favorable loan terms make homeownership achievable for those who might otherwise find it out of reach.

Additional Resources

For those who may not qualify for the First Generation and First Generation Plus programs, CHFA offers other programs such as Smart Step, Preferred, and Preferred Plus. Each of these programs has its own set of benefits and eligibility criteria, designed to support a variety of homebuyer needs.

For more information on these and other first-time buyer programs, visit: Speaks Straight Mortgage – First Time Home Buyer Programs.

Conclusion

The First Generation and First Generation Plus programs from CHFA offer unprecedented support for first-time homebuyers. By providing significant financial assistance and favorable loan terms, these programs make it possible for more people to achieve the dream of homeownership. If you meet the eligibility criteria, don’t miss out on this fantastic opportunity.

Unlock The Journey To Homeownership | Schedule An Appointment Today