CHFA just released their new income limits for their different loans that offer down payment assistance either by grant or loan.
- Preferred, a conventional loan program has an income limit of $74,200 metro-wide as I predicted earlier.
- SmartStep, a FHA loan for FTHBs and repeat home buyers has an income limit of $120,100 state-wide.
- FirstStep, a FHA loan for only FTHBs, has an income limit of $92,800 for a household of 1 or 2 people or $106,700 for a household of 3 or more throughout the metro Denver area. This program has slightly higher income limits in targeted areas.
- CHFA’s purchase price limit on all loans is the national conforming loan limit of $484,350.