Questions to bring to a Colorado mortgage conversation
The Colorado Housing and Finance Authority (CHFA) is a useful starting point for researching purchase assistance. Before comparing offers, identify the program, the loan officer who can handle it, and the education steps required. The resources below help you separate those decisions.
Use CHFA's lender filters to find relevant experience
CHFA mortgages originate through participating lenders. Its official loan-officer search includes county experience and language filters. The county filter reflects previous CHFA purchases an officer helped finance; it does not restrict that officer to serving only that county. Production-based distinctions describe activity, not a guarantee of service quality.
Start with the city directories above for a broader provider shortlist, then check CHFA's search when program participation matters. Ask the officer about the specific financing you are considering and communication needs throughout the application. Inclusion in Mortgage Firm does not establish CHFA participation.
Compare assistance with the cost of the accompanying mortgage
CHFA's general down-payment assistance options pair with a CHFA first mortgage. Its grant does not require repayment. Its second mortgage defers repayment until events such as selling, refinancing, paying off the first mortgage, or ending use of the home as your primary residence. Deferred repayment still leaves a loan balance to plan for.
CHFA notes that higher mortgage interest rates apply when using these assistance options. Ask for a comparison showing cash needed at closing, the mortgage payment, and any future assistance repayment. A larger contribution at closing does not by itself establish which offer costs less over your expected time in the home.
Questions to take with you
- Which assistance option is included in this offer, and what events require repayment?
- How does the proposed mortgage compare with an available option without assistance?
Leave time for the education provider's follow-up call
Each CHFA borrower must register for and complete an approved homebuyer class individually, with their own completion certificate before closing. CHFA lists in-person and online choices in English and Spanish; contact the provider about translation or ASL needs.
For the online route, finishing the coursework is one step. CHFA also requires a follow-up call with the education provider, which issues the certificate after that call. Schedule it early and send the certificate to your lender. If you completed a class previously, ask the lender to check its acceptance and expiration against your purchase-contract timeline.
FirstGeneration asks about family ownership history
CHFA FirstGeneration has a distinct definition: a borrower who has never owned a home and whose parents or guardians did not own one during the borrower's lifetime. The program also describes a separate route for people who lived in foster care. A first purchase alone does not establish first-generation eligibility.
The lender supplies an affidavit and checks the rules for all borrowers on the application. Assistance must accompany the program's first mortgage and is repayable, with payment deferred. Bring questions about family history or multiple borrowers to a participating lender rather than assuming the ordinary first-time-buyer definition answers them.
Schools To Home includes a share of future appreciation
CHFA Schools To Home serves qualifying Colorado public school employees. Its assistance is a second mortgage with a shared-appreciation obligation: repayment includes the assistance balance and a share of any appreciation as defined by the program. Payment is deferred until the loan term ends or an earlier triggering event, such as a sale or refinance.
Ask a participating lender to verify the employer and full-time employment requirements and explain the repayment calculation using different future home values. The program requires its financial-commitment course and quiz in addition to approved homebuyer education. Confirm both completion steps when planning the closing timeline.
Questions to take with you
- How would the assistance payoff change if the home gained value, stayed flat, or lost value?
- What happens if I pay off the first mortgage or stop using the property as my primary residence?
Published by Mortgage Firm, an independent directory. Program administrators and lenders determine current availability and eligibility. Our editorial approach