CHFA Loan? $1000 down to buy a home

With all of the Buying opportunities in today’s real estate market, don’t forget the CHFA Loan program.  It may be the perfect option for you.  To qualify for CHFA, borrower(s) must:

  • meet income and home purchase price limits
  • have a FICO score of 580
  • use the home as their principal/primary residence; and
  • have not owned a home as primary residence in the past three (3) years (first time homebuyers), are current homeowners looking to refinance certain qualified subprime mortgages, or are eligible veterans.

There is much to know and information to be gained, please call your lender to find out all the facts and see if you are illegible for this type of loan. 

When talking to your lender, be sure to ask about the CHFA Statewide Mortgage Credit Certificate (MCC)….here’s how it works;

Super-charge your federal tax savings with a mortgage credit certificate – the credit that keeps on giving!  Claim up to 20 percent of your paid mortgage interest each year you live in you home as a federal tax credit with the CHFA,MCC program.  The CHFA MCC program also allows homeowners to refinance qualified adjustable rate mortgage loans.

  • For the life of the loan, CHFA MCC holders may claim a dollar-for-dollar reduction of income tax liability equal to 20 percent of the paid mortgage interest on the first mortgage.
  • The remaining 80 percent of the paid mortgage interest continues to qualify as an itemized tax deduction.
  • The CHFA MCC may be combined with other CHFA programs.
  • If this home is sold, the transaction may be subject to the Federal Recapture Tax.

To view a sample CHFA MCC in action visit and click on the MCC Tax Example link on the right side of the page.

Don’t keep yourself in the dark, contact RE/MAX 4000 at 970-241-4000 and talk to a professional Realtor to put you in touch with a CHFA participating lender.  For a full roster of RE/MAX 4000 Realtors go to .

The $8000 dollar tax credit for first time home buyers can also be a benefit to buyers with CHFA MCC. 

OMG, so much to know, so much to seize as an opportunity to owning a new home.  What are you waiting for?


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