CHFA’s homeownership programs rely on four different types of loan options.

The FHA option is popular with first time homebuyers because borrowers must provide a 3% to 4% down payment. Available in all areas of Colorado, FHA loans are insured by the U.S. Department of Housing and Urban Development.

The Conventional option usually requires borrowers to make a minimum of a 5% down payment at the time of purchase. Borrowers putting down less than 20% are required to pay for private mortgage insurance. However, conventional loans often feature more flexible loan terms.

The VA option is available to the Armed Forces of the nation.  Qualified veterans may have no down payment cost.  Available in all areas of Colorado, VA loans are guaranteed by the U.S. Department of Veterans Affairs. 

The RD option is available through the Rural Housing Service for individuals purchasing homes in rural areas of Colorado.  There is no required down payment.  RD loan are guaranteed by USDA Rural Development.