Homeownership may be closer than you think! CHFA Schools To Home could help you begin your homeownership journey.
Homeownership contributes significantly to the long-term affordability and stability of communities. CHFA Schools To Homesm was created to help Colorado public school employees purchase homes and live in the communities where they work.
Program Overview
- Fixed interest rate first mortgage loan
- Down payment and/or closing cost assistance: second mortgage loan* for up to 25% of the first mortgage loan amount.
- Shared appreciation component: borrower shares a percentage of appreciation gained with the Public School Permanent Fund (PSPF)
*Second mortgage loan repayment, along with the shared appreciation payment, is required but is deferred until the end of the loan term or an earlier event such as payoff of first mortgage loan, sale or refinance of home, or if the home is no longer your primary residence.
Who is a “public school employee?”
CHFA Schools To Home is for any individual employed by a preK-12 Colorado public school, school district, charter school, institute charter school, board of cooperative educational services, or innovation zone, provided they are classified as a full-time employee by their employer. Participating Lenders may use the Colorado Department of Education’s website to pre-verify eligible employers. If using the Colorado Schools List Excel spreadsheet, confirm that the employer is listed as “Public, Detention Center, 100% Home Option, or Head Start” in the “School Type” column.
Please note: If the employer is listed as “100% Home Option” or “Head Start,” the employee may be eligible. As not all employees of 100% Home Option or Head Start school type are part of a public school district, a Participating Lender must perform additional verification to confirm the employee is employed by an eligible employer per the definition above.
In all cases, Participating Lenders must document the employee’s eligibility with appropriate supporting documentation, such as a current paystub, written verification of employment, or other acceptable employer-issued documentation. The documentation must confirm that at least one borrower is a full-time employee of an eligible employer per the eligibility definition above.
Example: How CHFA Schools To Home Shared Appreciation Works (for illustrative purposes only.)
Required Course – “Understanding Your Financial Commitment”
If you would like a sneak peek or would like to save a copy or the presentation, click here to view a PDF of the "Understanding Your Financial Commitment" webinar slides.
This course and related quiz, along with a CHFA-approved homebuyer education class, are required to use the CHFA Schools To Home program.