Colorado Springs runs on its schools. Whether you work for Colorado Springs 11, Academy 20, Harrison 2, Widefield 3, Falcon 49, Cheyenne Mountain 12, Lewis-Palmer 38, Fountain-Fort Carson 8, Manitou Springs 14, Ellicott 22, Edison 54, Hanover 28, Calhan RJ1, Peyton 23JT, Big Sandy 100J, or one of the local charter schools, the CHFA Schools to Home program can put up to 25% of your loan amount toward your down payment and closing costs on a home right here in the Springs.
You do not have to be a teacher to qualify. Paraprofessionals, bus drivers, custodians, office and food service staff, coaches, and administrators are all eligible. Only one borrower on the loan needs to work for the school.
How it works
The assistance comes as a second mortgage with no monthly payment. It is deferred until you sell, refinance, or move out, and it includes a shared appreciation feature. On a $450,000 home, the assistance can be around $90,000, and you still keep the large majority of your future equity. Because it gets you to 20% equity, your first mortgage is smaller too, so you skip monthly mortgage insurance and your payment is lower.
To qualify, household income needs to be at or below $178,920, with a credit score of 620 or higher. It's a Fannie Mae conventional loan on a primary residence, and you do not need to be a first time buyer.
Check if your school qualifies
https://blog.speakstraightmortgage.com/tools/school-lookup
Find your home in Colorado Springs
Once you know you qualify, search for homes near your campus, filtered by school district. I'm Nicole Strom with The Platinum Group, Realtors, and I'll help you find the right home. Matt Wentz with Speak Straight Mortgage handles the financing.
For full program details, see the complete CHFA Schools to Home program guide.
https://speakstraightmortgage.com/blog/chfa-schools-to-home-colorado-springs
Your home search link: https://nicolestrom-homes.pages.dev
