TEST#2:::Your Road Home: CHFA Homeownership eNews

buying a home in 2023? three key steps to take

Will 2023 be the year you buy a home? Perhaps you’ve been contemplating it, weighing the pros and cons, and considering the true costs of homeownership. In the coming year, to help you further prepare and decide if homeownership is right for you, here are three essential steps to take:

1. Know your financial power.

This is a good time to create or update your budget. This may help you understand how much you can afford in up-front costs, monthly payments, and ongoing expenses of homeownership. This sample budget may help you get started.

In addition, credit is a critical component of the homebuying process. Your credit history has information on how you borrow money, use credit, and pay it back. Therefore, your credit history and credit scores may significantly impact the interest rate and fees you’ll pay for your home mortgage. Access your free credit reports at annualcreditreport.com. Also, learn how to read your credit report and learn more about how credit affects the homebuying process.

2. Take advantage of free education.

CHFA’s homeownership customers often share how helpful homebuyer education was to them on their homebuying journey. Education can provide you with a better understanding of the entire homebuying process and confidence in making one of the largest purchases of your life.

Here are some free* education resources to consider:

*CHFA-sponsored homebuyer education classes are free in-person, and available online for a fee.

3. Connect with lenders.

The lender you choose will play a lead role in your homebuying journey. Choose them wisely. Remember, you are in charge of selecting your lender and they are working for you—ask as many questions as you need to feel secure.

It is recommended to interview at least three mortgage lenders. View a list of suggested questions to ask. Also, as you’re connecting with lenders, consider using Freddie Mac’s Lender Contact Log and Mortgage Worksheet.

If you are interested in CHFA home mortgage loan programs, click here to find a CHFA Participating Lender in your area.

chfa engages black and african american community to help bridge homeownership gap

In October 2022, CHFA concluded its seven-event engagement series with members of Colorado’s Black and African American community. These events served to build awareness of CHFA and its homebuying resources, while giving CHFA staff a chance to listen to community and learn how we can help bridge the homeownership gap. Currently, there is a 37 percent gap in homeownership rates between Black and African American Coloradans and White Coloradans.

These events, hosted in partnership with the African American Trade Association (AATA), were held in Denver, Aurora, and Colorado Springs and included representatives from real estate, nonprofit, and faith-based organizations.

To respond to recommendations made during the series, CHFA, in collaboration with participating community members, developed a roadmap that CHFA and community working together will undertake starting in 2023:

Outreach: Increase awareness and engagement with the Black and African American community, CHFA, and the overall housing ecosystem.
Education: Increase awareness of current homebuyer education offerings and develop additional financial education series to serve the age spectrum from youth to older adults.
Resources: Deliver intentional technical and financial resources through community-led and community-supporting organizations.

While substantial, these are only the beginning steps for CHFA. To make an impact, long-term partnership and actions are needed and CHFA is committed to these efforts.

Free CHFA webinar

Attend a free, one-hour webinar to learn the steps to homeownership and about CHFA’s homeownership programs.

Learn more

Online resources

Learn more about and prepare for homeownership:

Help for Homebuyers

Mi Hogar

Colorado Housing and Finance Authority

www.chfainfo.com

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