The subordinate financing is not registered in MERS.Īpply to the CHAC loan as a principal reduction. No reserves required, but will consider savings as a compensating factor.ĬHAC will allow their loan to go in to 3rd position behind a CHFA 1st & 2nd Program has no maximum assets requirements. There is no 3.5% required contribution for FHA. Minimum buyer’s contribution of $1,000 of borrower's own funds, not a gift. Gross income from all adult household members are included. Within the City of Arvada, and when using the Arvada program, the borrower income limits are 100% AMI.See Income Limits for current information. $99 for online for the first borrower and $49 for subsequent borrowers.Īdditionally, a one-on-one counseling session through CHAC is required after CHAC pre-approval. Required by a CHAC approved provider for all borrowers prior to application. Loan amounts, rates, terms and fees vary depending upon the geographic location of the property being financed.įully Amortizing 15-year, 20-year, 25-year, 30-year Fixed Rate.Loans up to $5,000 – $50 a month payment.When combined with any program, the stricter guidelines will always prevail. 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 Consult CHAC for current limit by county.Īny exceptions to the guidelines require approval by MWF & Agency. Please submit a letter of explanation about any negative items.ĩ5% Median Sales Price for the area. All collections and judgments must be cleared or have established payment plans. Lesser of 6% of the purchase price up to $10,000 maximum – $3,000 minimum.ĪUS (No 3.5% borrower contribution required for FHA).ĬHAC will review overall credit history.
Colorado Housing Assistance Corp (CHAC) Down Payment Assistance Program Statewide
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