Updated over 6 years ago on . Most recent reply
CHFA Loan Or Conventional Loan
So I recently got approved for a home buying opportunity through Colorado's First Time Home Buyer. I want to take advantage of an Investment Opportunity but I don't want to jeopardize my chances of getting a family home as well. The lender says the loan program they go through isn't really geared towards people investing but rather purchasing family homes to live in. He says I will have to use the CHFA loan to purchase my potential rental property and then refinance into a Conventional loan in order to go through with the purchase of my family home about a year later. Or just bring the 3.5% down payment on the rental property and use the CHFA about year later for my family home. Does this sound about right and can someone let me know if purchasing a rental property through the First Time Home Buyer program is the right route? Thanks