The Colorado Housing and Finance Authority launched a new program Monday that will provide qualified borrowers with down payment and closing-cost assistance for up to 5 percent of the purchase price of a home.
"This product will be a large help for millennials who have steady incomes," said Jerilynn Martinez, a spokeswoman for CHFA. "If they are paying the same in rent as for a mortgage, why not invest in their future?"
The assistance is defined as a grant that doesn't have to be repaid, but borrowers participating must pay a higher interest rate on a first mortgage made through one of CHFA's 90 lending partners.
Rates change daily, and the lowest rate on a 30-year mortgage available Monday through CHFA was about 3.75 percent, Martinez said....
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