CHFA Schools To Home
Down payment assistance for Colorado public school employees, so you can live in the community where you work.A path to homeownership for Colorado educators
Homeownership contributes to the long-term affordability and stability of communities. CHFA Schools To Home was created to help Colorado public school employees purchase homes and live in the communities where they work. It pairs a fixed-rate first mortgage with substantial down payment and closing cost assistance.
Program overview
Fixed-rate first mortgage
A conventional, Fannie Mae first mortgage with a fixed interest rate, so your principal and interest stay predictable.
Up to 25% assistance
Down payment and/or closing cost assistance provided as a second mortgage for up to 25% of the first mortgage amount.
Shared appreciation
In exchange, you share a percentage of your home’s future appreciation with the Public School Permanent Fund (PSPF).
How the assistance is repaid
The second mortgage (your assistance) and the shared appreciation amount are deferred. No monthly payments are due on them while you live in the home. Repayment is required only at the end of the loan term, or sooner if an earlier event occurs, such as paying off the first mortgage, selling or refinancing the home, or the home no longer being your primary residence.
Who qualifies as a public school employee?
CHFA Schools To Home is for any individual employed by a Colorado public school, school district, charter school, institute charter school, board of cooperative educational services (BOCES), or innovation zone, who is classified as a full-time employee by their employer. You can verify eligible employers on the Colorado Department of Education’s website.
Good to know: if multiple borrowers are on the loan, only one borrower must be a full-time public school employee.
See if Schools To Home is right for you
Our experienced Loan Advisors can walk you through eligibility and the numbers. Call 303-458-3778 or reach out below.