![]() See Income Limits for current information. In addition, CHAC requires a one-on-one counseling session with CHAC prior to closing. Online course requires prior approval from CHAC. Required for all borrowers prior to application. Per investor guidelines: May not be >2% of the interest rate of the 1st mortgage.įully Amortizing 15-year, 20-year, 25-year, 30-year Fixed Rate.Range 2% – 7.25% depending on loan amount and repayment terms.Payments starting the 61st month, 6 % rate, 25 year amortization. 5 year Deferral: 60 months no payment 0% interest.Payments start immediately: 2% rate 30 year amortization.When combined with any program, the stricter guidelines will always prevail.Īvailable in the City and County of Denver and the County of Jefferson, excluding the city of Westminster. Program guidelines should be confirmed with the respective agency prior to loan submission to ensure the use of the most current parameters. These program parameters pertain to the housing agency’s guidelines as of the last known agency change. Include compensating factors in the request Verify current limits with CHAC.Īny exceptions to the guidelines require approval by MWF & Agency. All collections and judgments must be cleared or have established payment plans.ĩ5% of Area Median Sales Price. Any derogatory require a written explanation. 6% of the purchase price, up to $20,000 (whichever is less) Jefferson County, not the City of Arvada.ĬHAC will review the credit reports to evaluate overall creditworthiness. ![]() 5% of the purchase price, up to $15,000 (whichever is less) City and County of Denver, City of Arvada.Colorado Housing Assistance Corp (CHAC) Down Payment Assistance Program Denver (City and County) and Jefferson County
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