![]() ~ Intend to occupy this property as your primary residence ~ Have not had a ownership interest in a principal resident for three (3) years prior to the loan closing date Exceptions may apply.Īpplications for CHAC assistance will be submitted by your first mortgage lender. All borrowers are required to have a minimum contribution of $1,000 (minimum contribution for the disability program is $750.00) to the transaction that cannot be a gift. All of the loans require repayment, usually with monthly payments, although the start date of those payments may vary. The loan is recorded as a second mortgage (lien) on the property being purchased. Required homebuyer education – HUD Approved or CHFAĬities and Towns: Arvada, Aurora, Bennett, Berthoud, Boulder, Brighton, Broomfield, Castle Rock, Centennial, Commerce City, Dacono, Deer Trail, Denver, Edgewater, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Frederick, Golden, Greeley, Highlands Ranch, Keensburg, Lakewood, Littleton, Lochbuie, Lone Tree, Longmont, Mead, Northglenn, Parker, Platteville, Sheridan, Superior, Thornton, Watkins, Westminster, Wheat RidgeĬounties: Adams County, Arapahoe County, Boulder County, Broomfield County, Denver County, Douglas County, Jefferson County, Larimer CountyĬounties are for the unincorporated area outside of city limits.ĬHAC provides low interest, flexible loans to low and moderate income (80% AMI in most areas, 115% AMI in Arvada when using the Arvada program) first time home buyers for down payment and closing cost assistance throughout Colorado. Minimum 660 credit score for FHA, USDA, VA (Minimum 640 credit score for Conventional) Must occupy within 60 days of the closing They offer up to 6% down payment assistance to Colorado home buyers… MetroDPA is a wonderful down payment assistance program for low and moderate-income individuals and families located in and around the Denver Metro Area. They offer up to 6% down payment assistance to Colorado home buyers. MetroDPA is a wonderful down payment assistance program for low and moderate-income individuals and families located in and around the Denver Metro Area. First lien interest rates may be higher when using a DPA second. *CHFA down payment assistance can only be used when paired with a first mortgage loan under a CHFA program. Make a minimum required investment of $1,000 toward the purchase of the homeĬHFA mortgage programs are available to first-time and non-first-time Colorado home buyers…ģ0-year, fixed-rate government (FHA) and Conventional mortgage loans to purchase or refinance a homeĭown payment assistance grants and second mortgage loans for down payment and/or closing cost assistance (purchase only) Total borrower(s) income must not exceed CHFA’s income limitsĪll borrowers must attend a CHFA-approved home buyer education class (purchase only) Have a mid-credit score of 620 or higher (based on program requirements) Repayment deferred until certain events, such as payoff of first mortgage loan, sale or refinance of your home, or if home no longer owner-occupiedīorrowers must qualify according to our underwriting guidelines and meet these general requirements: Up to 4% of your first mortgage loan amount Up to 3% of your first mortgage loan amountĬHFA Down Payment Assistance Second Mortgage Loan* DPA’s will also allow you to buy a home for as much as $647,200.Ĭolorado Housing and Finance Authority (CHFA) offers affordable home purchase and refinance loans as wells as grants and second mortgage loans for down payment and closing cost assistance through their network of approved Colorado lenders. Guild Mortgage is a participating lender with several down payment assistance programs, which will provide you with up to $38,832 for down payment or closing costs. Want to buy a home but don’t think you have enough cash for the down payment? If you have just $1000 you might just have enough. ![]()
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