What is Down Payment Assistance (CHFA)?
Down payment and/or closing cost assistance options
Homebuyers using one of our first mortgage loan programs to finance their home purchase are eligible to use CHFA assistance options to help with down payment and/or closing costs. Even if you contribute towards a down payment, you may still use one of the options below.
Down Payment Assistance Grant *
- Up to 3 percent of your first mortgage**
(Example: Get up to $6,000 on a $200,000 mortgage) - No repayment is required
Second Mortgage Loan *
- Up to 4 percent of your first mortgage**
(Example: Get up to $8,000 on a $200,000 mortgage) - Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or the sale or refinance of the home.
Other Loan Options
VA LOAN
Best if you are active-duty military, a veteran or military spouse.
Conventional
Best if you have good credit and a larger down payment to possibly receive lower rates with more flexible terms.
Jumbo
Best if you are wanting to purchase a property above the conforming loan limits ($453,100 in most areas).
Carson Paiz
Elite Group Mortgage Expert
Elite Group Mortgage offers home purchase and refinances loans. We are headquartered in Grand Junction, Colorado. Elite Group Mortgage is dedicated to helping you achieve your home financing goals. Equal Housing Opportunity.
