Mortgage Assistance Program Descriptions

CHAC loan program income limits and eligibility vary based on factors such as the location of the property being purchased (legal description), income level of borrows, first mortgage product, etc.

CHAC Statewide Program - Immediate Payback

CHAC Statewide Program - 5 year Deferral

  • Loan Amount 6% of the sales price or appraised value (whichever is less) up to $12,000
  • Loans $5,000 – $12,000 – amortized over 360 months
  • Rate – 3%
  • Fees: May include $5 monthly service fee, $100-$150 doc prep fee, $200 commitment fee, $16-$28 recording fees, Wiring Fee $15
  • Variable title fees
  • Loan Amount 6% of the sale price or appraised value (whichever is less) up to $12,000
  • Loans $5,000 – $12,000 – amortized over 360 months
  • First 5 years no payments 0% interest   -  next 25 years  with payments  5% interest
  • Fees: May include $5 monthly service fee, $100-$150 doc prep fee, $200 commitment fee, $16-$28 recording fees, Wiring Fee $15
  • Variable title fees

Disability Program:

Persons with permanent disabilities or have a child with a permanent disability. (Social Security definition of permanent disability)

  • ALL AREAS of the STATE of COLORADO (Income limits vary by County)
  • Loan Amount maximum of $10,000
  • Interest rate 0%, APR 1% Term 30 years
  • Payment is deferred for 30 years. Due on sale or transfer.
  • Fees: May include $250 commitment fee, $100 - $ 150 doc prep fee, $16-$28 Recording Fees, Wiring Fee $15, Variable Title Fees

FOR ALL PROGRAMS THE FOLLOWING APPLY:

  • Income eligibility includes ALL sources of income for ALL members of the household
  • Non-resident co-borrowers or co-signers are not permitted
  • CHAC cannot provide assistance if property has been Tenant Occupied anytime within 90 days prior to closing.
  • Sales price must be less than or equal to Appraised Value
  • Sales price limit may apply
  • Borrowers must attend a First Time homebuyer class.  See education and counseling on website (chaconline.org).
  • Borrowers must participate in Borrower Counseling Session prior to closing. This is SEPARATE and DIFFERENT from the First Time Homebuyer class and provided only by CHAC The class date and time will be set after the loan commitment, prior to closing. This class will be provided by phone.
  • Home Inspections Required: All Health and Safety issues must be resolved, Smoke and Carbon Monoxide detectors must be properly installed and working.
  • Properties built prior to 1978 REQUIRE a visual Lead Based Paint Inspection. Property must be certified to be “lead safe” as opposed to “lead free”.
  • Fees vary by program and funding source and will be included in the CHAC loan amount or built into the monthly payment, ($5 service fee)