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2012-11-02 17:42:00
Buy a Home with 3% Down and NO Mortgage Insurance

November 1, 2012 - Colorado Housing and Finance Authority Introduces New CHFA Advantage Home Loan program

Home buyers in Colorado looking to buy a home with as low as 3% down while avoiding costly mortgage insurance premiums have a new home financing option as of November 1, 2012.  Designed to help Colorado home buyers with good credit scores buy a home with less than 20% down in order to avoid mortgage insurance fees, the Colorado Housing and Finance Authority CHFA Advantage program may save home buyers between $100 to $200 on average per month in mortgage insurance costs.  That could be extra money each month to pay down the mortgage at a faster rate, or to buy a car or save for retirement.

Using the CHFA Advantage loan program, a qualified home buyer would be able to buy a $200,000 home with a down payment of only $6,000, compared to a typical conventional loan which would require $40,000 down in order to avoid mortgage insurance fees.

Unlike HUD-sponsored FHA loans, the CHFA Advantage is a local loan progam that is only available to Colorado home buyers.  Qualified home buyers may include 1) A first-time homebuyer (who does not currently own real estate and has not owned a home within the last 3 years), 2) an eligible veteran, or 3) a non-first time home buyer looking to buy a home in special targeted areas in Metro-Denver (many other Colorado counties also qualify for this program).

For more information about buying a home using this unique program and a list of local lenders offering the CHFA Advantage loans, call 303-378-7677 today.

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