Colorado Housing Assistance Corporation Partners With City of Arvada
Are you looking for an opportunity to obtain affordable financial assistance? Colorado Housing Assistance Corporation (CHAC) and the City of Arvada will be offering a NEW program to assist eligible first-time homeowners in Arvada this fall, beginning September 1, 2015.
If you fall within the guidelines for low- and moderate-income, this program will provide low-interest, flexible loans to first-time homebuyers for down payment and closing cost assistance. By providing $150,000 in Housing Development Action Grant loan repayment funds to CHAC, the City of Arvada helps to make this program available. The HODAG funds come from a loan repayment to the City.
Limited to 6% of the sales price or $10,000, whichever is less, the CHAC loan amount is recorded as a second mortgage on the property being purchased. A minimum contribution of $1,000 toward down payment and closing costs borrowers are required by the buyers.
Other requirements include:
- You cannot have had an ownership interest in a principal residence for three (3) years prior to the loan closing date.
- You must intend to occupy this property as your primary residence.
- You cannot own other residential property.
- You must give full disclosure of income and assets for all persons intending to occupy the home.
- You must provide proof of legal residency for all members of the household if requested.
- You must attend a CHFA/CHAC approved First Time Home Buyer class upon application.
Your first mortgage lender will submit an application for CHAC assistance. Check the CHAC website or call for more information.
For further information, including income limits see www.chaconline.org