The Colorado Housing Assistance Corporation (CHAC) in cooperation with the City of Arvada is now providing assistance for eligible homebuyers purchasing homes in Arvada.
This loan program offers financial assistance to help qualified, first-time homebuyers cover their down payment and closing costs. Eligibility requirements include that the homebuyer has had no ownership interest in a residential property for the previous three years and meets specific income limits.
This program became effective October 1, 2013, CHAC and is a limited pilot program. The funds will be provided using the terms of the CHAC-STATEWIDE program.
- Loan amount - Maximum of $5,000 (regardless of purchase price)
- Loan payments - $50.00 per month (not deferred, includes a $5.00 per month service fee)
- Interest rate - 5% simple interest (7.75% APR)
- Fees - $200 loan commitment fee, $100 doc prep fee, $16 recording fee
- Term - 150 payments
Household income must be less than 80% of AMI - Metro Denver limits.
Visit http://www.coloradohousingassistance.org for details and income limits.
If you are ready to apply for the mortgage assistance program, have your lender contact CHAC at 303-572-9445. A Colorado Housing and Finance Authority (CHFA) approved first-time homebuyer class is required.
Formed in 1982, the mission of CHAC is to help make housing and successful homeownership affordable to low and moderate income Coloradans by offering programs that:
- Create and preserve homeownership for low and moderate income families
- Prevent displacement of long term neighborhood residents
- Stabilize neighborhoods
- Introduce innovative ways to mobilize private and public investment to achieve these goals