Down Payment Grant for Colorado Homebuyers: Colorado Housing and Finance Authority (CHFA) announced today that it is now offering its down payment assistance for homebuyers in the form of a non-repayable grant. All qualifying home mortgage borrowers who make loan reservations on or after February 2, 2015, can receive the grant, which can total up to three percent of the loan amount.
CHFA’s new grant is expected to provide greater access to homeownership to those who have avoided or been unable to enter the home purchase market in Colorado. Colorado home prices having increased by six percent in 2014, according to the Colorado Association of Realtors.
“Making homeownership affordable is key to CHFA’s mission, and we believe our new grant program will positively encourage those who have been unable or unwilling to purchase a home due to the down payment barrier,” said Cris White, CHFA executive director and CEO. “Increasing responsible homeownership in Colorado strengthens our local communities, and CHFA will continue to provide options to enhance affordability for borrowers.”
Under most of its 30-year fixed rate, first-mortgage loan programs, CHFA’s new grant is available to either first-time or non-first-time homebuyers. Eligible borrowers meet income requirements, have a mid-credit score of 620 or higher, contribute $1,000 toward the transaction, and complete a CHFA homebuyer education class (online or in-person) prior to loan closing.
CHFA has been offering down payment assistance in various forms since 1991, and this is the first time in more than 10 years CHFA has offered a grant as part of its loan programs for homebuyers. The CHFA grant program may be used toward the down payment, closing costs and/or other fees.
CHFA’s loan programs are available through our statewide network of participating lenders. To take advantage of the new CHFA down payment assistant grant, find a CHFA participating lender by visiting chfainfo.com.
Courlas Realty Home Rebate Program
How Our Rebate Program Works
How does our Rebate program benefit you? Normally, the Seller pays the Buyer’s agent a commission. The commission typically totals 3% of the home’s purchase price. This commission is rarely discussed with the Buyer.
For example, the Buyer’s real estate agent would receive a commission of $9000 on a home purchased for $300,000 (0.03 x $300,000 = $9,000). Generally, the Buyer’s agent keeps the full commission, usually sharing it with their agency. The commission is almost never used to help the Buyer with their purchase.
At Courlas Realty, we assist our Buyers through our Rebate program. We send 50% of the commission back to our clients. These welcome funds help them relocate to their new Colorado Springs properties. Courlas Realty has paid out over $200,000 in Rebates and Discounts!
Our Rebate program is straightforward. If you choose Courlas Realty as your real estate company, you would receive a $4,500 rebate on that same $300,000 home. Those extra monies may come in handy for closing costs, upgrades to your new home, moving expenses, Etc.
If you use another real estate firm, you will typically receive nothing back. Once again, if you are using anyone else, you could be losing thousands of dollars! You wouldn’t pay double for anything else. Why pay double for real estate services? Don’t accept the token gift basket…Take the cash instead!