CHFA Lowers Income Limits
The Colorado Housing and Finance Authority (CHFA) recently announced that they are lowering the maximum amount of money you can make if you want to qualify for one of their conventional loan programs. CHFA offers down payment assistance to homebuyers and used to have an income limit of $120,100, but that amount is changing.
Here’s what you need to know about this change.
For all CHFA loans that have their interest rate locked on August 19, 2019 or after, the new income limit for conventional loans is only $74,200 for the Denver Metro counties. That’s down from $120,100, so the drop in the income limit is $45,900, which is significant.
Boulder County’s income limit is going down from $120,100 to $90,800.
What does this mean for you? If you make more than $74,200 in the Denver area, you will no longer qualify for a conventional CHFA loan. You can still get an FHA loan through CHFA with down payment assistance and earn up to $120,100, but conventional loans will no longer be available if your qualifying income exceeds $74,200.
In addition, even if you do qualify for a conventional CHFA loan, there will no longer be any down payment assistance available with those loans. However, CHFA FHA loans will still offer down payment assistance, as well as the higher income limits.
If you need down payment assistance, give us a call. We know all the ins and outs of down payment assistance and will lead you in the right direction. We also offer loan programs other than CHFA loans that do not require very much (or anything) as a down payment.
Contact us today to get started.