Mortgage Assistance Program Descriptions

(see eligibility/underwriting requirements for additional information; most CHAC loan programs vary depending upon location  of property being purchased  –  legal description determines)

CHAC Statewide Program - Immediate Payback

(see eligibility/underwriting requirements for additional information; most CHAC loan programs vary depending upon location  of property being purchased  –  legal description determines)

CHAC Statewide Program - 5 year Deferral

1 2 3 4 5 6 7
94,400 107,850 121,300 134,800 145,600 156,400 167,200

 

  • Loan Amount 6% of lesser of sales or appraised up to $15,000
  • Loans $5,000 – $15,000 – amortized over 360 months
  • Rate – 3%
  • Fees: May include $5 monthly service fee, $100-$150 doc prep fee, $200 commitment fee, $16-$25 recording fees, Wiring Fee $15
  • Variable title fees
1 2 3 4 5 6 7
62,600 71,550, 80,500, 89,400 96,600 103,750 110,900

 

  • Loan Amount 6% of the sale price or appraised value (whichever is less) up to $15,000
  • Loans $5,000 – $15,000 – amortized over 360 months
  • First 5 years   no payments   0% interest              25 years   with payments   5% interest
  • Fees: May include $5 monthly service fee, $100-$150 doc prep fee, $200 commitment fee, $16-$25 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 1.5%, APR 5% Term 30 years
  • Payments are deferred for 30 years, interest will accrue
  • Fees: May include $250 commitment fee, $100 - $ 150 doc prep fee, $16-$25 Recording Fees, Wiring Fee $15, Variable Title Fees

Denver Or Jefferson County

   1 2 3 4 5 6 7
62,600 71,550 80,500 89,400 96,600 103,750 110,900

 

Loan Amount: 1/2 of the down payment plus allowable  closing costs but not to exceed 5% of the purchase price, up to $15,000 (whichever is less).

    • Loan Terms - 2 options
    • Option 1 -2% rate - 30 yrs - 6% of sales price
    • Option 2 - 5 yr deferral no pmts 0% rate.                                          25 years with pmts  6% rate
    • APR 2 - 7% range
    • May include $5 monthly service fee, $100-$150 doc prep fee, $200 commitment fee, $16-$57 recording fees
    • Westminster is excluded from the Jefferson County Program. (See statewide program)

 

 

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 (CHFA approved including EHOME and or Framework)
  • 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—after 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)

Other requirements may pertain and will be provided when the Conditional Commitment is issued. 

 (Last updated 07/26/2022)