Colorado Housing and Finance Authority (CHFA)

• Down-payment assistance for first-time home buyers
• Down-payment assistance even if you have owned a home before
• Generous income guidelines
• Can be used for purchasing homes throughout Colorado
• Buy a home with as little as $1,000.00 out-of-pocket
• Fixed-rate mortgages
• Reduce your Federal tax liability by 20% per year with the MCC (Mortgage Credit Certificate Program)
• All CHFA lenders are not the same, contact one of our Mortgage Professionals for more information today

Rocky Mountain Community Land Trust

• Down-payment assistance for first-time home buyers
• Contact an AAFCU Mortgage Professional for income guidelines
• RMCLT provides a minimum of 20% down-payment assistance (example: for a purchase price of $145,000, RMCLT provides a minimum of $29,000)
• Since the down-payment is 20% of the purchase price, RMCLT loans never have Mortgage Insurance
• Can be used for purchasing homes in Colorado Springs and a limited number of home in the greater El Paso county area
• Buy a home with as little as $1,000.00 out-of-pocket
• Fixed-rate mortgages

Douglas County Down-Payment Assistance (Douglas County DPA)

• Down-payment assistance for first-time home buyers
• $15,000 is assistance in the form of a 2^nd mortgage at a subsidized interest rate
• Generous income guidelines
• Can be used for purchasing homes in Douglas County, Colorado
• Buy a home with as little as $1,000.00 out-of-pocket
• Fixed-rate mortgages
• Must live or work in Douglas County, Colorado

VA Loans

• VA Mortgage loans are the perfect option for first-time home buyers due to, lower funding fees, no down-payment, no mortgage insurance and no money out-of-pocket options
• Credit guidelines are less restrictive than Conventional loans (VA loans will consider loans with lower credit scores)
• VA purchase loans will finance 100% of the purchase price up to $417,000 (more in high cost areas)
• VA purchase loans require no money out-of-pocket (ask about closing cost options)
• VA purchase loans up to $417,000 require no down-payment
• Some VA loans are available as soon as 24 months after a bankruptcy
• VA loans will consider a loan 36 months after a foreclosure
• VA loans are assumable (your low-interest loan today could make your home more valuable in the future)
• VA rates are typically lower than Conventional loans
• VA funding fees are waived for veterans with service related disabilities of 10% or greater
• There is no monthly mortgage insurance on VA loans
• VA loans are available for up to $1 million in some cases (most loans over $417,000 require a down-payment)

• Changes to FHA loans have made Conventional loans much more appealing to first-time home buyers. The upfront mortgage insurance premiums and high monthly mortgage insurance rates make an FHA much more expensive than a Conventional loan for borrowers who have relatively strong credit profiles
• Contact an AAFCU Mortgage Professional at mortgageinfo@aafcu.com to compare an FHA loan and a Conventional loan to decide what is best for you
• Conventional loans are typically insured by Fannie Mae and Freddie Mac (to be insured loans must be underwritten within Fannie/Freddie guidelines and meet conforming loan amounts($417,000 limit unless the home is in a high cost area)
  • Conventional loans are now more competitive than ever, if you are considering an FHA loan have your loan officer compare it to a conventional loan as recent FHA changes have significantly increased the cost of an FHA loan
  • Conventional loans require lower up front loan costs then most FHA and VA loans
  • Conventional loans where the loan amount is less than 80% of the appraised value of the home do not require mortgage insurance
  • Conventional loans are available to 97% of appraised value (mortgage insure is required if greater than 80%)
  • If you do need Mortgage Insurance, contact an AAFCU Mortgage Professional about how AAFCU can save you $50 or more a month compared to other mortgage lenders
  • In most cases mortgage insurance is tax deductible, so be sure to ask your tax professional if you can deduct mortgage insurance you pay (In some cases if you are not eligible to deduct monthly MI, you may be able to deduct the MI cost if it is paid up-front rather than monthly)
  • Contact an AAFCU Mortgage Professional to determine which of the numerous Conventional mortgage loan products is best for your unique loan needs
  • First-time home buyers should consider a Conventional loan with as little as 3% down (some Conventional loans allow the down-payment to be a gift from a family member)
  • Remember AAFCU offers the lowest mortgage insurance rates available. We encourage you to compare our mortgage insurance rates with any other lender