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do you know the true costs of homeownership?
How much does it really cost to be a successful homeowner? If you're not sure, CHFA has you covered. We recently sat down with Catherine Carter, a housing counselor at Transformance, Inc., in Colorado Springs to discuss the true expenses of homeownership.  

"One of the least understood areas of the homebuyer's budget is private mortgage insurance, such as when it needs to be paid and under what circumstances it's required," said Catherine. "Also, homebuyers expect to pay taxes and insurance, but sometimes they're surprised to learn that those costs fluctuate. While they may not increase each year, it's smart to save for that scenario nevertheless."

Catherine also notes that when converting from a renter to a homeowner, the following expenses are often left unconsidered:
  • repair and replacement of major appliances like your water heater and furnace;
  • window coverings, snow removal and lawn tools; and
  • potentially higher utility rates.
who are chfa homeowners?
Homebuyers who use CHFA programs represent several different age groups, income levels, and household types. For example, did you know that the median income* of a CHFA homeowner is $56,592?

CHFA serves many diverse home mortgage customers: 34 percent are adults with children, 33 percent live alone, 23 percent are adults without children at home, and 10 percent represent single-parent households. Also, people from all over the state use CHFA programs. For example, 11 percent of our home finance customers are in Weld County, 9 percent are in El Paso County, and 9 percent are on the Western Slope.

Now is the time for homeownership for many in the Millennial generation, (those ages 18 to 36). This group comprised 57 percent of CHFA's home finance customers in 2015.
To learn about CHFA's home finance programs, visit www.chfainfo.com/homeownership.

*median gross annual income

 ​colorado housing and finance authority

 
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