CHAC Down-Payment Assistance Program

The Colorado Housing Assistance Corporation (CHAC) offers eligible first-time homebuyers a way of financing the down payment and/or closing costs on their mortgage with the CHAC Down Payment Assistance Program. 

Available Assistance  
The CHAC Down Payment Assistance Program provides low-interest, flexible second mortgages to low- and moderate-income first-time homebuyers. These assistance funds can be used for the down payment of closing costs on a new home. 

Eligibility Requirements 
To be eligible for the CHAC Down Payment Assistance Program, applicants must be legal residents and first-time homebuyers who have not owned a home in the previous three years. They must disclose their income and assets, and contribute a minimum of $1,000 (minimum contribution for the disability program is $750.00). Gift funds are not permitted to fulfill this requirement. Additionally, the program requires that any home purchased with the down payment assistance funds must serve as the borrower’s primary residence; secondary homes or investment properties may not be purchased. 

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.    

Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.