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Verify Your Colorado Down Payment Assistance Eligibility
The Colorado Housing Assistance Corporation (CHAC) offers flexible mortgage assistance options to help low- and moderate-income households purchase homes across Colorado.
With programs providing up to $12,000 in assistance, CHAC’s loans cover down payments and closing costs and come with unique repayment options, including immediate payback, deferred payments, and tailored support for individuals with disabilities.
Colorado Mortgage Assistance Estimator - Estimate how much financial support you could receive toward your first home purchase in Colorado with our easy calculator.
CHAC offers substantial financial support, covering up to 6% of the home’s sales price (up to $12,000), making it easier to afford down payments and closing costs.
Choose the repayment plan that fits your needs, from immediate payback with a low-interest rate to deferred payments with no interest for the first five years. Specialized plans for individuals with disabilities include a 30-year deferral at 0% interest.
First-time buyers can benefit from CHAC's required homebuyer education and counseling sessions, ensuring they are informed and prepared for successful homeownership.
CHAC’s programs are designed to assist low- and moderate-income families across Colorado, providing a pathway to affordable homeownership.
With low monthly service fees and a manageable interest rate, CHAC ensures monthly payments remain affordable, allowing you to focus on enjoying your new home.
Begin by checking if you meet the program’s income, residency, and first-time buyer requirements.
Enroll in a required homebuyer education course to gain valuable insights and tips for successful homeownership.
Once all qualifications are met, claim your financial assistance to cover up to 6% of your home’s purchase price and take the next step toward owning your home.
Applicants must meet specific income limits, which include all household members' income. Residency requirements include occupying the purchased property as a primary residence.
Buyers cannot have owned a primary residence in the past three years. Proof of first-time homebuyer status may be required.
A minimum contribution of 1% of the home’s purchase price (or $750 for the disability program) must come from the buyer’s personal funds, ensuring a vested interest in the home.
Attendance at a First-Time Homebuyer class and a borrower counseling session is mandatory. These sessions provide valuable guidance and help prepare applicants for successful homeownership.
Properties must meet certain safety standards, including functioning smoke and carbon monoxide detectors, and a lead-based paint inspection if built before 1978. The property must also be free of tenant occupancy within 90 days before closing.
This program offers loans up to 6% of the home’s purchase price or appraised value, with a maximum of $12,000. Loans may require immediate repayment over 30 years at a 3% interest rate, or offer a five-year deferral at 0% interest, followed by 5% interest for the remaining term.
Fees include a $5 monthly service charge, document prep fees of $100–$150, a $200 commitment fee, and applicable recording and wiring fees.
The property must be owner-occupied, located in Colorado, and meet specific eligibility standards, including health and safety inspections.
Borrowers are required to contribute 1% of the purchase price from their own funds, complete a First-Time Homebuyer class, and attend a counseling session.
Prepayment is allowed without penalty, but refinancing or paying off the primary mortgage will make the loan balance due in full. Default, such as failing to maintain residency, will also trigger immediate repayment of the remaining balance.
Yes, the property must be owner-occupied and cannot have been tenant-occupied within 90 days of closing. Additionally, if the property was built before 1978, a lead-based paint inspection is required, and any health or safety issues must be addressed before closing.
Yes, prepayment is allowed without any penalties. You may pay off the loan in full or in part at any time.
Yes, borrowers must contribute at least 1% of the home’s purchase price from their own funds (or $750 for the disability program). This cannot be a gift, and you may need to provide documentation showing these funds are from personal savings.
If you’re unable to maintain the property as your primary residence or if there’s a significant change in your financial status that affects compliance with the loan terms, the balance may become due immediately. It’s important to stay in communication with the program’s administrators if any significant changes occur.
If you refinance or pay off your primary mortgage, the entire outstanding balance of this assistance loan will become due immediately. It’s essential to consider this before deciding to refinance.
With years of experience and a deep understanding of Colorado’s housing market, we’ve helped thousands of first-time homebuyers achieve their dreams.
Our local expertise, transparent process, and commitment to personalized support make us a trusted partner for your homeownership journey.
We’re here to guide you every step of the way, ensuring a smooth and successful experience.
