Refinance
If you bought with a CHFA loan, refinancing later can make sense for a few reasons, and it also comes with one wrinkle most people do not expect: the down payment assistance. Here is a plain-English look at why people refinance a CHFA loan, the paths available, and what to weigh before you do, especially around any assistance you received.
Why refinance
The paths
Like any homeowner, you can refinance the first mortgage to adjust your term or payment when it makes sense. The CHFA program governed how you bought; it does not lock you out of refinancing later.
Once you have enough equity, refinancing into a conventional loan can be a way to restructure, and for some borrowers a path toward dropping mortgage insurance. We look at whether the equity and the numbers support it.
If your down payment help was a second mortgage, refinancing or selling is typically when it comes due under the program terms. We map out how that affects the overall picture before you commit.
Some refinances advertise reduced costs or fewer steps. What is actually available depends on the lender and your loan, so we tell you what you genuinely qualify for rather than promising a headline.
Before you move
Common questions
Yes. A CHFA loan can be refinanced like other mortgages. The main thing to account for is any down payment assistance you received, particularly if it was structured as a second mortgage, since that factors into the refinance.
Often, once you have enough equity. For some borrowers refinancing into a conventional loan is a path to restructure or work toward dropping mortgage insurance. We check whether your equity and numbers support it.
Refinance options and any streamlined paths depend on current program and lender offerings, which change over time. We tell you what is actually available for your loan rather than relying on a static description.
If your assistance was a grant, generally no. If it was a second mortgage, it typically comes due under the program terms when you refinance, sell, or pay off the first loan. The specifics depend on the program you used.
Some refinance programs reduce or waive certain costs, but availability depends on the lender and your situation, and the trade-offs vary. We lay out what you genuinely qualify for instead of promising a headline.
Keep exploring
The plain-English guide to how CHFA programs are put together in Colorado.
Learn moreGrant or second-mortgage assistance toward your down payment and closing costs.
Learn moreWork with a local Colorado Springs broker who offers CHFA's programs.
Learn moreThis page is general education, not a commitment to lend, financial advice, or a guarantee of program eligibility, assistance amount, rate, or term. CHFA and local program rules, income limits, and assistance are set by the program administrators and change over time; confirm current details at chfainfo.com and with the relevant local program. All loans subject to credit approval; not all applicants will qualify. We do business in accordance with the Fair Housing Act and Equal Credit Opportunity Act.
Get started
Tell us about your current loan and we will look at whether a refinance helps, including how any assistance factors in, with no pressure and no application required to ask.
