YES IT’S TRUE!
Have you been dreaming about purchasing a property in Colorado but don’t have much saved for a down payment? Don’t stress, W2 employees in the Cannabis industry can actually qualify for down payment assistance through the CHFA program. CHFA stands for Colorado Housing Finance Authority and they offer funds in the form of a grant or second mortgage up to 5% of the new proposed loan amount. The following are some CHFA facts:
- You don’t need to be a first time homebuyer
- CHFA uses income limits based on household size and Property County
- If you are a W2 employee in the Cannabis industry, your income can be used to qualify
- The minimum investment required for a CHFA loan is only $1000
- The minimum credit score is 620
- CHFA requires participants take an online home buying class
- The maximum loan amount for a CHFA loan is $453,100
No matter your profession, the mortgage process can be very complex. It all boils down to knowing who and when to ask for help. If you’re in the market for a new home, regardless of your line of work, I would love to speak with you about your options for home ownership. Contact me at firstname.lastname@example.org or by phone at 303.579.5517.
About the Author: Michaela Phillips entered the mortgage lending industry in 1994. Throughout her 24 years in the business she’s been one of the top producers for every company she’s worked for. As of 2018, she’s the VP of Mortgage Lending for Guaranteed Rate, Inc. Being a VP at Guaranteed Rate offers many advantages to her and her clients, unparalleled customer service, efficiency, and most importantly, competitive rates.
Michaela enjoys teaching her clients the pros and cons of being a Real Estate Investor, and more so, watching them build their Real Estate “Empires,” large or small, but all successful. NMLS: 312874, Guaranteed Rate NMLS: 2611.