Down Payment Problems
Having down payment problems? Some of the best down payment assistance programs available to Colorado residents are the loan programs offered by the Colorado Housing and Finance Authority (CHFA). CHFA loan programs require a minimum borrower contribution of only $1,000. And now, if you get a CHFA loan from us, it gets even better, thanks to a program that is only available if you get your CHFA loan from our company. Here’s what you need to know.
CHFA loans are great if you don’t have a lot of money for a down payment or closing costs. The most common type of CHFA loans are really two loans. The first is either a conventional or an FHA loan, and requires either 3% or 3.5% down. The second loan is for 4% of the first loan amount, so it covers the entire down payment and some of the closing costs. The second loan does not have any interest, and it does not have any monthly payment. You only have to pay it back when you refinance, sell the house, or in 30 years.
We are CHFA loan experts, and have been for many years. Regardless of which lender you use, everyone pays the same interest rate for CHFA loans because the interest rates are not set by the individual lenders who sell CHFA loans. The rates are set by CHFA and are the same for everyone.
Cherry Creek Mortgage
Now here’s the good news. Because our company, Cherry Creek Mortgage, is so good at making sure CHFA loans are done correctly, CHFA no longer requires our loans to be reviewed before the closing. We underwrite (approve) the loan, and that’s all there is to it. As soon as our underwriter gives us the final approval, we can close. The loans no longer have to be reviewed by CHFA.
We are the ONLY lender that is allowed to skip the review process. Why? Because our loans are done correctly. It’s that simple. When you deal with people and companies that are good at what they do, your life gets easier because there aren’t a multitude of mistakes to deal with, like there are when you deal with people and companies who are not good at what they do.
What does this mean for you?
If you are a consumer looking to buy a house with little money down, your life just got easier if you use us as your lender. No more down payment problems. No CHFA reviews means easier loan approvals and faster closings.
The same thing applies if you are a real estate agent. We are good, CHFA knows we are good, and you benefit by having faster and easier closings when you refer your clients to us.