CHAC provides downpayment assistance loans
statewide.
The borrower must be a first-time home buyer (income limits apply
see below).
The lender must submit the application for the borrower.
(For instructions on submitting an application see the Lenders and Realtors page).
Once an application has been reviewed all borrowers in the Denver
Metro Area will need to attend a meeting at CHAC - 670 Santa Fe Drive. All Borrowers and Co-Borrowers must attend.
Outside the Denver Metro area borrowers will be contacted by phone.
Borrowers are required to provide at least $1,000 of their own funds
towards their downpayment and closing costs.
All properties built prior to 1978 must have a visual lead based paint
inspection (this is not the same as the appraisal or inspection).
CHAC assistance is in the form of a second mortgage loan. Terms,
rates, and amounts vary based on location, income of family, assets available, etc.
If
you are looking for help in finding a Realtor, Lender, or assistance program we suggest you try a first-time homebuyer
class. (see class registration page). This is not a requirement for the CHAC loan. This class may be required for other programs.
We recommend attendance. A first-time homebuyer class will assist in assuring you know about all the
opportunites available to you. Be an informed homebuyer. Sign up for a class today.
CHAC LOAN PROGRAMS (All Loans subject to availability of
funds)
Call for guidelines or attend our Lender and Realtor training held once a
month at our office .
Arapahoe County
Loans up to $10,000 at 0% for the first 5 years and 3% for
the remaining 25 years of the 30 year term.
City and County
of Denver and Jefferson County
6% of the purchase price up to $10,000 - three payback
options
- 30 year term - payments deferred 5 years at 0% interest and
then paidback over the remaining 25 years of the term. Interest rate 6%
- 30 year term - payments deferred 3 years at 0% interest and
then paidback over the remaining 27 years of the term. Interest rate 5%
- 30 year term - payments start right away - Interest
rate 2%
City and County of Denver only - a special program for Deed restricted properties - loans up to $10,000 based
on 5% of the purchase price - 30 year term - 5 years deferred at 0% - interest rate 0% (in other words you pay back
the principal over the remaining 25 year life of the loan)
All
other Counties around the state
maximum
$5,000 loan with a 5% interest rate.
Assistance for People with Disabilities - CHAC
has a special program which provides a $6,000 loan at 1 1/2% interest due on sale or in 30 years. In some
cases a $3,500 grant may be available also. Please have your lender call for details.
CHAC loans can be used in conjunction with
some other loan programs (such as CHFA's cash assistance program) and with seller concessions. CHAC's program has FHA,
Fannie Mae, and Freddie Mac approval. CHAC assistance can not be used in conjunction with Seller GIFT programs.
INCOME
LIMITS ___ These apply statewide (these
are the 2008 income limits)
Income Limits by family size
1 person $40,200
2 person $45,950
3 person $51,700
4 person $57,450
5 person $62,050
6 person $66,650 For
larger families please call
