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CHAC Mortgage Assistance Program
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Personalized Assistance: Programs shaped to fit many financial situations, making home ownership a reachable goal.
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Flexible Financial Terms: Various loan options including deferred payments to ease your financial journey.
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Learning and Guidance: Essential education and counseling to equip you with solid knowledge for a wise investment.
CHAC’s Mortgage Assistance Programs
Buying a home is a big step and comes with many choices. However, figuring out how to secure the down payment can be tough. This is where the Colorado Housing Assistance Corporation (CHAC) comes in. They offer a range of Mortgage Assistance Programs to help with the upfront financial part, especially for people buying a home for the first time in Colorado. Here are the details of these programs:
CHAC Statewide Program - Immediate Payback
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Loan Amount: Up to 6% of the lesser between sales price or appraised value, capped at $12,000.
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Loan Range: Loans between $5,000 to $12,000, amortized over 360 months.
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Interest Rate: A manageable rate of 3%.
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Fees: Including a monthly service fee of $5, document preparation fee of $100-$150, a $200 commitment fee, recording fees of $16-$28, and a wiring fee of $15. Variable title fees are also applicable.
CHAC Statewide Program - 5 Year Deferral
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​Loan Amount: Mirroring the Immediate Payback program with a cap of $12,000.
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Interest Structure: A 5-year interest-free period followed by a 5% interest rate for the subsequent 25 years.
CHAC Disability Program
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Eligibility: Individuals with permanent disabilities or those with a child with a permanent disability.
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Loan Amount: A maximum of $10,000.
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Interest Rate & Term: 0% interest rate, 1% APR for a term of 30 years with payment deferred.
Common Features Across All CHAC Programs
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Income Eligibility: Comprehensive evaluation of all income sources for all household members.
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Co-borrowing Regulations: Non-resident co-borrowers or co-signers are not permitted.
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Property Eligibility: Excluding properties tenant-occupied within 90 days prior to closing.
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Educational Requirements: Mandatory First-Time Homebuyer class and Borrower Counseling Session prior to closing.
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These programs are carefully crafted to smooth your way into home ownership while keeping your financial plan steady. It’s more than just getting a loan; it’s about taking a well-informed, confident step into your future.
*First lien interest rates may be higher when using a DPA second. Closing costs and fees may still apply.