ArapahoeCounty’s Homebuyer Program could help put you on the path to home ownership.
Arapahoe County has teamed with Colorado Housing Assistance Corporation (CHAC) to provide a program to assist low and moderate
income families (and individuals) in the purchase of a home in Arapahoe County.
What does the program pay for?
If you qualify for assistance, we can help you pay for the down payment, closing costs and prepaid/escrows up to $10,000. This is called ‘acquisition assistance’ and is in the form of a low interest rate second mortgage.
How else does the program help me?
We’re able to help you with a low interest rate and deferred payments on your second mortgage. This will save you money when compared to financing the down payment and closing costs with the first mortgage or financing the second mortgage at
a high interest rate that is commonly found on 80/20 mortgages. This helps you buy a little more or lower the payment on your
first mortgage.
We also send you to a free homebuyer workshop - it’s educational, entertaining and will help prepare you for the responsibility of having a mortgage and owning a home. This
must be done prior to closing on your property.
Do I have to pay the money back?
Yes—eventually. Your second mortgage is a 30-year loan (like the first mortgage). However, there are no payments or interest for the first 5 years. After five years of deferred payments and interest, you will make monthly payments at a 3% interest rate (payments vary depending on the loan amount).
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