Home buyers in Colorado Springs that would like to buy a home but cannot afford the down payment can choose to utilize down payment assistance through the Colorado Housing and Finance Authority (CHFA). Borrowers must meet certain requirements in order to qualify for CHFA financing. Home buyers qualifying for CHFA are required to make a minimum contribution of […]
FHA currently requires a minimum down payment of 3% from home buyers and beginning January 1, 2009, FHA will increase the requirement to 3.5%. If you are in the process of purchasing a home in Colorado Springs, the loan must close by December 31, 2008 in order to fall under the current guidelines (3% down payment). […]