The Colorado housing and finance authority, also know as CHFA, has a new loan option.

Its new product is aimed towards helping responsible home buyers succeed when making their big decision. 

CHFA is happy to announce its brand new product which was launched today.

It's called "CHFA Advantage."

The new loan option is set up to reward home buyers who have credit scores of seven hundred or above for their strong track record of financial responsibility.

The plan gives home buyers access to a three year fixed rate mortgage, requiring buyers to put 3 percent down. It’s good news for consumers because there's no mortgage insurance requirement.

CHFA Spokesperson, Jerilynn Martinez said, “We’re very excited about this program we think it gives a great benefit to those borrowers who have strong track records of paying their bills in full and on time, and so we’re glad we can help them achieve ownership without being penalized.”

Martinez added that mortgage insurance requirements can add up to hundreds of dollars each month. She says many lenders are requiring up to 20 percent down... and sees the new CHFA advantage product as a win for responsible consumers that just don't have that kind of cash.

If you'd like to learn more about CHFA and its new loan product, you can call their office at 1-800-877-8450, or visit their website at www.CHAFAinfo.com