If you work for a public school in or around Aurora, Colorado, homeownership may be closer than you think.
The CHFA Schools to Home program offers eligible full-time school employees assistance of up to 25% of the first mortgage amount to help with down payment and closing costs.
And you do not have to be a teacher to qualify.
Employees of Aurora Public Schools, Cherry Creek Schools, and qualifying charter and public schools throughout Arapahoe, Adams, and Douglas counties may be eligible. This can include teachers, paraprofessionals, bus drivers, custodians, office staff, food-service employees, coaches, administrators, and other full-time school employees.
Even better, only one borrower on the loan needs to be the qualifying full-time school employee.
How Does CHFA Schools to Home Work?
The assistance can be up to 25% of your first mortgage and is provided as a second mortgage.
There is no monthly payment on the second mortgage. Instead, repayment is deferred until you sell the home, refinance, or it is no longer your primary residence. The program also includes a shared-appreciation feature.
For example, on a $450,000 home, the assistance could be around $90,000.
That can make a huge difference for buyers who have the income to afford a home but haven’t been able to save a large down payment.
Reaching approximately 20% equity can also mean financing a smaller first mortgage and avoiding monthly mortgage insurance, which can help reduce your monthly housing payment.
Do You Have to Be a First-Time Homebuyer?
No.
You do not have to be a first-time buyer to use CHFA Schools to Home.
Some of the basic program qualifications include:
- Household income of up to $178,920
- 620+ credit score
- Fannie Mae conventional financing
- The home must be your primary residence
- Only one borrower needs to be the qualifying full-time school employee
- First-time homebuyer status is not required
Your individual eligibility and loan options should always be confirmed with the lender.
Check If Your School Qualifies
Use the school-search tool below to see if your school may qualify for the program.
<iframe src=”https://blog.speakstraightmortgage.com/tools/school-lookup” title=”CHFA Schools to Home — check your school” loading=”lazy” style=”width:100%;height:640px;border:1px solid #dbe3dd;border-radius:12px;”></iframe>
Find Your Home in Aurora
Once you know your school qualifies, the fun part begins — finding the right home.
As a local HomeSmart REALTOR®, I help buyers find homes throughout Aurora and the surrounding Denver metro area.
Whether you’re looking for your first home, need more space, want to shorten your commute, or are simply ready for something new, I’ll help you navigate the home-buying process from your first showing all the way through closing.
Search available Aurora homes here:
For financing, Matt Wentz at Speak Straight Mortgage can walk you through CHFA Schools to Home, determine whether you qualify, and show you what the assistance could look like based on your purchase price and loan.
Get the Complete CHFA Schools to Home Program Guide
For full program details, including eligibility, financing requirements, income limits, and information about shared appreciation, visit:
<a href=”https://blog.speakstraightmortgage.com/blog/chfa-schools-to-home-colorado-school-employees“>CHFA Schools to Home — complete program guide</a>
If you work for an Aurora-area school and have wondered whether buying a home is within reach, CHFA Schools to Home could make a significant difference.
Start by checking your school above, then let’s find out what homes could fit your budget in Aurora.
Leah Celler
