Boulder Home Ownership
Owning a home, the American Dream, is more in reach than ever before thanks to some great new loan programs, buyers have more options than ever before when it comes to owning a home in the Boulder region. John Arnold with People’s Bank in Longmont recently discussed some great new programs available to borrowers. Topping the list? The new Chafa 3% down program.
What is Chafa
Established in 1973, the Colorado Housing and Finance Authority is a wonderful state organization working to help folks like me and you own property and build a strong community throughout Colorado. Working with partners in the mortgage and banking industry, Chafa provides fixed rate mortgages with no mortgage insurance and low down payments.
How does Chafa work?
Currently, there is a great program available for borrowers with a credit score of 700 or better. The program offers a rate of 3.875 (at time of writing) with just 3% down and there is no Mortgage Insurance (MI) premium. The down payment can even be a gift. The program is designed for single family residences, so no condominium financing allowed. Although Chafa sounds funny, sort of like a Chafing dish (that obscure cooking instrument used to keep delicate foods warm), it is really a great program for buyers in Boulder purchasing their first home.
Call me today and I will introduce you to several mortgage professionals partnered with Chafa. Or visit the official site here: