Colorado Housing Enterprises, LLC  

CHE assists borrowers needing home mortgage finance in achieving and maintaining healthy home ownership by promoting responsible lending and providing healthy mortgage finance options to meet individual clients needs, including first mortgage lending, down payment and closing cost assistance and rural small business lending.  CHE is a Community Development Financial Institution (CDFI).

Home Buyer Education teaches potential homeowners about the home buying process and how to be a savvy mortgage borrower.  Clients are made aware of predatory lending practices and how to steer clear of these practices.  By providing access to a number of favorable loan products, CHE is able to help borrowers avoid predatory loan situations.

What you need to know

Borrowers will receive a one-on-one counseling session about home mortgage finance options and CRHDC’s Home Buyer Education class. 

What you'll learn

  • Home Buying Process
  • Become a Savvy Borrower
  • Loan Products
  • Predatory Lending

Find a Class

FHA Insured 1st Mortgage

For First time Homebuyers with decent credit, cash to close and steady income 

Assists first-time homebuyers and others who might not be able to meet down payment requirements for conventional loans by providing mortgage insurance to private lenders.  Potential borrowers, who have satisfactory credit history, enough cash to close the loan and sufficient and steady income to make monthly mortgage payments can apply for FHA-insured mortgage.

FHA-insured loans are available Statewide for single family homes (1-4 unit properties), and for condominiums, interest rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.   Down payments can be as low as 3.5 percent, and closing costs can be wrapped into the mortgage.

FHA Streamline Refinance

For homeowners with a current FHA-insured 1st mortgage

This loan is designed for homeowners with a current FHA-insured 1st mortgage and who would like to lower their interest rate. The loan can be done with or without a new appraisal or a new credit report depending on Lender requirements. Borrower must have 12 month mortgage history and loan must be current at time of refinance.

VA Loans

We’re proud to offer mortgage products from the U.S. Department of Veterans Affairs (VA). If you’re a veteran or active duty personnel, you may be eligible to purchase or refinance a new home with favorable loan terms. Let’s work together to explore the potential savings available.

VA Flyer

Conventional Loans

For Homebuyers with a 620 Fico score or higher

CHE offers conventional 30 year fixed rate 1st mortgage loan at competitive rates with a minimum down of 3%. This loan requires a 620 Fico score. Please call for information on Condo, and 3 to 4 unit properties as well as no cash out refinance guidelines.

502D Direct Housing Loan Program

Direct Loan Details

Colorado and Wyoming

Eligibility: Applicants for direct loans from HCFP must have very low or low incomes. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance, which are typically 24 percent of an applicant’s income. However, payment subsidy is available to applicants to enhance repayment ability. Applicants must be unable to obtain credit elsewhere, yet have reasonable credit histories.

Terms: Loans are for up to 33 years (38 for those with incomes below 60 percent of AMI and who cannot afford 33-year terms). The term is 30 years for manufactured homes. The promissory note interest rate is set by HCFP based on the Government’s cost of money. However, that interest rate is modified by payment assistance subsidy.

Standards: Under the Section 502 program, housing must be modest in size, design, and cost. Modest housing is property that is considered modest for the area, does not have market value in excess of the applicable area loan limit, and does not have certain prohibited features. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standard

Fact Sheets

Colorado Wyoming Nebraska

Please click below for the preliminary application and further instructions

Colorado Applicants    Wyoming Applicants

502 Guarantee loans

The 502 Guarantee Loan Program has fixed-rate and fixed-term mortgage financing guaranteed by the U.S. government. It offers favorable loan terms to give low-income borrowers the ability to purchase homes in rural areas.

Features and Benefits

  • No down payment required
  • Closing costs may be financed on some transactions
  • Flexible credit standards
  • Reserves not required
  • No limitation on seller contributions

Property must be located in an eligible rural area

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90/10 Program

If you are looking to finance your property, there are options to minimize the amount of mortgage insurance you will pay. CHE is able to offer a portfolio conventional first mortgage up to 90% and a second mortgage to 10%.

Advantages

  • Lower monthly mortgage insurance
  • Purchase your home with a much lower borrower investment
  • Competitive rates
  • Lower monthly payment

Downpayment Assistance Loan Program

To help potential homebuyers gain access to the market CHE offers a Down Payment Assistance Loan. Loan Amounts range between $3,000.00 - $10,000.00, interest rate to match the first mortgage, with a ten year term. The loan is recorded as a second mortgage. Funds can be used for down payment and/or closing costs only.

The Down Payment Assistance program requires income qualification, to determine if your household fits the guidelines, please refer to the AMI chart.

Adams, Denver,
Jefferson
, Arapahoe
& Broomfield

Counties
Fam. Size 50% 80% 115% 120%
1 $28,000 $44,800 $64,400 $67,200
2 $32,000 $51,200 $73,600 $76,800
3 $36,000 $57,600 $82,800 $86,400
4 $39,950 $63,920 $91,885 $95,880
5 $43,150 $69,040 $99,245 $103,560
6 $46,350 $74,160 $106,605 $111,240
7 $49,550 $79,280 $113,965 $118,920
           
San Luis Valley
Walsenburg
Fam. Size 50% 80% 115% 120%
1 $21,250 $34,000 $48,875 $51,000
2 $24,300 $38,880 $55,890 $58,320
3 $27,350 $43,760 $62,905 $65,640
4 $30,350 $48,560 $69,805 $72,840
5 $32,800 $52,480 $75,440 $78,720
6 $35,250 $56,400 $81,075 $84,600
7 $37,650 $60,240 $86,595 $90,360
           
 El Paso County Fam. Size 50% 80% 115% 120%

   1 $24,805 $39,800 $57,155 $59,640
   2 $28,400 $45,450 $65,320 $68,160
   3 $31,950 $51,150 $73,485 $76,680
   4 $35,500 $56,800 $81,650 $85,200
   5 $38,350 $61,350 $88,205 $92,040
   6 $41,200 $65,900 $94,760 $98,880
   7 $44,050 $70,450 $101,315 $105,720
           
 Pueblo County  Fam. Size 50% 80% 115% 120%
   1  $21,000 $33,600 $48,300 $50,400
   2 $24,000 $38,400 $55,200 $57,600
   3 $27,000 $43,200 $62,100 $64,800
   4 $30,000 $48,000 $69,000 $72,000
   5 $32,400 $51,850 $74,520 $77,760

6 $34,800 $55,700 $80,040 $83,520
  $37,200 $59,550 $85,560 $89,280

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Small Business Lending

CHE lends to small businesses in rural Colorado and metro Denver. Our small business loans range from $1,000 to $200,000, with variable rates and terms. Our lending guidelines are more flexible than conventional lenders, with the purpose of creating greater opportunity for asset building for all Coloradans.

Application

Loan Subordination

To find out more about subordinating an existing loan with Colorado Housing Enterprises, please click on the following links:

Checklist Counseling Documents LIFT Loans