CHFA has raised their income limits for the state. Here in metro Denver their income limit on their conventional loan program called Preferred is now $80,000. For their First Step program, using FHA financing, the income limit is $100k for a household of 1 or 2 and $115k for larger households. And for their First Step program, using FHA financing, the income limit for all household sizes is now $126,200. Purchase price limit is $510k.
This is good to see; but Metro DPA's income limit is $120k in the City of Denver and $150k everywhere else. Plus, their second mortgage is fully forgiven after 3 years of living in their home and making their payments on time.
Still, I will use Chfa for loans outside of the metro Denver area or for borrowers with Ficos between 620-639.
As I wrote last week let's put dozens of more people, especially minorities into their first homes this year.