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CHAC Mortgage Assistance Program

  • Personalized Assistance: Programs shaped to fit many financial situations, making home ownership a reachable goal.
     

  • Flexible Financial Terms: Various loan options including deferred payments to ease your financial journey.
     

  • Learning and Guidance: Essential education and counseling to equip you with solid knowledge for a wise investment.

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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
 

  • Loan Amount: Up to 6% of the lesser between sales price or appraised value, capped at $12,000.

  • Loan Range: Loans between $5,000 to $12,000, amortized over 360 months.

  • Interest Rate: A manageable rate of 3%.

  • 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
 

  • ​Loan Amount: Mirroring the Immediate Payback program with a cap of $12,000.

  • Interest Structure: A 5-year interest-free period followed by a 5% interest rate for the subsequent 25 years.


CHAC Disability Program
 

  • Eligibility: Individuals with permanent disabilities or those with a child with a permanent disability.

  • Loan Amount: A maximum of $10,000.

  • Interest Rate & Term: 0% interest rate, 1% APR for a term of 30 years with payment deferred.
     

Common Features Across All CHAC Programs
 

  • Income Eligibility: Comprehensive evaluation of all income sources for all household members.

  • Co-borrowing Regulations: Non-resident co-borrowers or co-signers are not permitted.

  • Property Eligibility: Excluding properties tenant-occupied within 90 days prior to closing.

  • 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.

Get Started CHAC Mortgage Assistance

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Nick Barta

Division President | Loan Originator

NMLS/MA MLO #25540 | AZ MLO #0927129

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Nick Barta is authorized to do business in the states of Arizona, Colorado, Florida, Massachusetts, Texas, Utah, and Wyoming. 
 

AZ License #0927129 | CO License #100017626 | FL License #LO3538 | MA License #MLO25540 | UT License #12270993 | WY License #106077 

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Security First Financial is a division of Primary Residential Mortgage, Inc. PRMI NMLS 3094. Branch NMLS ID# 385589. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. CO – Regulated by the Division of Real Estate, UCCC #987701-016. AZ – Arizona Department of Financial Institutions 0902614. MA – Licensed by the Massachusetts Division of Banks as a Broker and Lender as #MC3094. FL - Florida Office of Financial Regulation MLD646. TX - This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. UT - Utah Division of Real Estate #5489480. WY - Wyoming Division of Banking 399.

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Your opinion is greatly appreciated, we thank you for visiting this website of Primary Residential Mortgage, Inc. If you have specific questions, comments, concerns, or complaints we invite you to contact us by the email shown here: ConsumerVoice@primeres.com. Emails received during business hours should receive a response within 48 hours, excluding weekends or holidays.

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Primary Residential Mortgage, Inc. is licensed under the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking through one of the means indicated below: In Person or U.S mail: 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294, Telephone No. (877) 276-5554, Fax No: (512)475-1313 Email: consumer.complaints@dob.texas.gov Website: www.dob.texas.gov

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Consumers wishing to file a complaint against a mortgage banker or licensed mortgage banker residential loan originator should complete and send a complaint form to the TX department of savings and mortgage lending, 2601 North Lamar Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery find must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

 

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