CHFA income limits decide who can use Colorado's state housing loans and down payment help. They're the first thing that knocks a buyer out, and the first thing agents get wrong, usually by quoting an old number they saw in a blog post. Here's my rule: you never say a CHFA limit out loud as if it's current. You know how the limits work, you know where to look, and you let the lender confirm. Here's how I teach it, plus the homebuyer class rule that trips up even good buyers.
The short answer
Every CHFA program has an income limit. CHFA says the limits depend on the program, the county, household size, and whether the home is in a targeted area. Some programs have used one flat statewide number. Others, like FirstStep, change by county. CHFA posts the current tables on its income limits page, and the tables are tied to the date the loan is locked. On price, check whether the program caps the purchase price, the loan amount, or neither. Brian's published breakdown says CHFA's main programs have used a loan amount cap instead of a price cap. Confirm on the current matrix.
Step by step
- Know which income counts. For CHFA, Brian's post notes the limit has applied to the qualifying income of the people on the loan. Other programs count the whole household. Ask the lender which rule applies.
- Pick the program first. SmartStep, Preferred and FirstStep can each use a different table. See CHFA SmartStep and CHFA FirstStep.
- Open the current table. Go to chfainfo.com/homeownership/income-limits. Pick the right table for the lock date. Find the county.
- Check household size and targeted areas. Some tables change by household size. Targeted areas can have higher limits or different rules.
- Check the price or loan cap. Read the program matrix or ask the lender. Don't assume every DPA program works the same. Some local programs cap the price. See Denver and Aurora down payment help.
- Book the homebuyer class. CHFA requires every borrower to take a CHFA-approved class before closing. Each person gets their own certificate. Class info is on CHFA's homebuyer education page.
- Watch the certificate date. CHFA says certificates are good for 12 months, and the buyer must be under contract before it expires. A buyer who took the class 13 months ago and hasn't found a house needs to plan for that.
- Let the lender confirm. Only a CHFA participating lender can tell the buyer if they fit. You're the one who points them in the right direction.
What to check, in one table
| Item | Where to check | Watch for |
|---|---|---|
| Income limit | CHFA income limits | Program, county, household size, lock date |
| Price or loan cap | CHFA program matrix, via the lender | Loan cap vs price cap |
| Credit floor | How to get a CHFA loan | Every borrower's mid score |
| Minimum contribution | CHFA FAQs | Gifts may count |
| Homebuyer class | CHFA homebuyer education | Every borrower, before closing, 12-month certificate |
The homebuyer class, in plain words
CHFA offers in-person classes and online classes. The online class has a fee and a follow-up call with the education provider before the certificate is sent. Both average a few hours. Classes are offered in English and Spanish. Here's the trap: the buyer finishes the online part, forgets the follow-up call, and the certificate never shows up. Closing gets pushed. Tell buyers to book the follow-up call the day they finish.
How to explain it to your client
"The state programs have income limits, and they change. I don't want to guess and give you an old number. Your lender will check the current limit for your county and the program that fits you. Meanwhile, the one thing you can do today is sign up for the homebuyer class. Everyone on the loan has to take it, and once you finish the online part, schedule the follow-up call right away. That's what holds people up."
Watch-outs
- Old numbers kill trust. A limit from last year's blog post can be wrong today. Check the table every time.
- Income definitions differ. CHFA, metroDPA and city programs may count income differently. See metroDPA explained.
- Overtime and bonuses count. The lender decides what qualifying income is. A buyer close to the line needs a lender's eye early.
- Every borrower takes the class. Not one per couple.
- Certificates expire. Track the date in your CRM.
- Fair housing. Talk about the program's rules, not about who "should" use it.
Further reading
- CHFA Down Payment Assistance in Colorado on kennarealestate.com
- $1,000 Cash to Close on kennarealestate.com
This is training for real estate agents. It isn't legal, tax or lending advice. A licensed loan officer sets loan terms. Check with your managing broker.
Questions
Where do I find the current CHFA income limits?
On CHFA's income limits page. Pick the table that matches the lock date.
Is the income limit the same in every county?
It depends on the program. Some have used one statewide number. Others change by county and household size.
Does CHFA have a purchase price limit?
Brian's breakdown says the main programs have used a loan cap, not a price cap. Confirm with the lender.
Who has to take the homebuyer class?
Every borrower on the loan, before closing.
How long is the class certificate good for?
CHFA says 12 months. The buyer must be under contract before it expires.
Can a buyer take the class in Spanish?
Yes. CHFA offers classes in English and Spanish.
Brian Lee Burke is the founder of PadLeaders, a Colorado real estate broker licensed since 2003, team leader of The Kenna Group at Keller Williams DTC (formerly Kenna Real Estate Group) and the author of Mastering Real Estate and The Real Estate Playbook. More about Brian.