Are you dreaming of owning a home but finding it hard to save for a down payment? 

The good news is that Colorado Housing and Finance Authority (CHFA) offers up to $25,000 in down payment assistance, making homeownership more accessible for those who qualify. In this newsletter, we’ll walk you through how CHFA’s down payment assistance works, highlight the benefits of homeownership, and invite you to join our free in-person homebuying seminar on November 2nd in Glenwood Springs, where you can learn more and get certified for CHFA programs.

What is CHFA Down Payment Assistance?

CHFA offers down payment assistance to qualified buyers who may be struggling to come up with the funds required for a home purchase.

Here’s a breakdown of how it works:

• Up to $25,000 in Assistance: CHFA provides financial assistance that can cover up to 4% of the first mortgage loan amount. This money can be used for your down payment and even some closing costs.

• Grant or Second Mortgage: You can receive the assistance either as a grant (which doesn’t need to be repaid) or as a low-interest second mortgage, depending on the specific program you qualify for.

• Income Limits: The maximum income limit is $162,900, making it accessible for many buyers in Colorado.

• Home Price Limits: You can purchase homes up to $766,500 in Garfield County, allowing flexibility in the home price range you’re considering.

Why Attend Our Seminar?

This seminar is a collaboration between Rimkus Real Estate and Bay Equity, with training provided by NEWSED Community Development Corporation, a CHFA-approved educator. Here’s what you can expect if you attend:

• Get Certified: The seminar is CHFA-approved, meaning you will leave the event with a certification valid for up to one year, allowing you to access down payment assistance programs when you’re ready to buy.

• Local, In-Person Convenience: No need to drive to Denver or pay for online courses! This is a rare opportunity to attend an in-person class right here in Glenwood Springs.

• Learn the Full Homebuying Process: We’ll cover topics like budgeting, credit counseling, understanding mortgage terms, and more. You’ll leave with the confidence to move forward in your homebuying journey.

• Free of Charge: This in-person seminar is completely free, while online courses cost $75. Plus, it offers the added benefit of personal interaction with real estate and lending professionals who can answer your questions on the spot.

The Benefits of Homeownership Over Renting Are you still on the fence about whether to rent or buy? Here’s why homeownership can be a more rewarding investment:

• Appreciation: Real estate generally appreciates over time, meaning your home’s value is likely to increase, providing a return on investment when you decide to sell.

• Principal Payments Build Equity: Unlike rent, which offers no return, each mortgage payment helps build your equity, essentially paying yourself rather than a landlord.

• Tax Deductions: Homeowners may be eligible for tax deductions, including mortgage interest and property tax deductions. These savings can make owning a home more affordable than renting in the long run.

• Stable Monthly Payments: Locking in a fixed-rate mortgage can provide more predictable monthly housing costs than renting, where prices often increase annually.

Homes for Sale in Our Region If you’re ready to make the leap into homeownership, here’s a snapshot of the market from Carbondale to Glenwood Springs, Rifle, and beyond:

• Affordable Options: We currently have homes available in a variety of price ranges, making it easier for first-time buyers to find something that fits their budget.

• New Listings: Several homes in the $400,000 - $750,000 range are currently on the market, perfect for buyers taking advantage of CHFA programs. Contact us for more information on homes that fit your budget and needs.

Who Qualifies for CHFA Assistance?

You might be wondering if you qualify for CHFA’s down payment assistance. Here are some general requirements:

• First-Time Homebuyers: While CHFA primarily helps first-time buyers, others may qualify as well, especially if it’s been a while since you owned a home.

• Income Limit: As mentioned earlier, the program is available to those with an income under $162,900.

• Primary Residence: The home must be your primary residence, and you need to meet the program’s credit and debt-to-income ratio requirements.

Why You Shouldn’t Miss This Seminar

Attending this seminar is your chance to learn how CHFA can help you become a homeowner with as little stress as possible. You’ll have access to:

• Expert Guidance: Hosted by experienced professionals, including a licensed lender and realtor, the seminar will help you navigate the financial aspects of buying a home.

• Valuable Resources: Learn about other assistance programs, what to expect when working with lenders, and how to set yourself up for financial success when buying a home.

• Personalized Advice: Have specific questions? This is your chance to get personalized answers about your unique homebuying situation.

Register Today!

Don’t miss this rare opportunity to attend an in-person CHFA-approved homebuying seminar right here in Glenwood Springs!

Date: November 2, 2024

Time: 8:00 AM – 4:00 PM

Location: Colorado Mountain College, Glenwood Springs

Cost: Free

Whether you’re ready to buy now or just want to learn more about how to prepare, this seminar will provide you with the tools you need to confidently move forward. We hope to see you there!