The Colorado Housing and Finance Authority says the federal stimulus plan is allowing it to launch a new mortgage program to help put mid and low income families into homes.
Tuesday, CHFA announced its "Jump Start" mortgage program, which allows Colorado residents who qualify for the new $8,000 first time homebuyer federal tax credit to use it as leverage for down payment or closing costs on a house.
Officials say this new loan, which gives residents up to $6,000, has a 0% interest rate as long as they pay it back before July of 2010.
CHFA says this new program is not for everybody and that it will work with the first time homebuyers to determine if another program might be better.
"We're not going to do shaky loans," said Scott Aker, Manager of the Western Slope CHFA Office. "Our goal is to help people be strong homeowners, not to get them into mortgages they can't afford."
The Jump Start program does have income and house price limits. CHFA says the new program will be available from now through November 30, 2009.
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