Beginning September 1, 2015, the Colorado Housing Assistance Corporation (CHAC) and the City of Arvada offer a NEW program to assist eligible first-time homeowners in Arvada, offering an excellent opportunity to obtain affordable financial assistance.
The program provides low-interest, flexible loans to low- and moderate-income first-time home buyers for down payment and closing cost assistance. The City of Arvada is providing $150,000 in HODAG (Housing Development Action Grant) loan repayment funds to CHAC to make this program available. The HODAG funds originate from a loan repayment to the City.
The CHAC loan amount limit is 6% of the sales price or $10,000, whichever is less. A CHAC loan is recorded as a second mortgage (lien) on the property being purchased. All loans require affordable repayments, usually monthly. All borrowers are required to make a minimum contribution of $1,000 toward down payment and closing costs (exceptions may apply). 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.
An application for CHAC assistance will be submitted by your first mortgage lender. CHAC also has funds available for properties not in Arvada. Requirements and terms may differ. Check the CHAC website or call for more information.
For further information, including income limits:
Phone: 303-572-9445 | Toll Free: 866-377-7835
TTY: Relay Colorado dial 711
Fax: 303-573-9214 | Efax: 303-339-8439