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Here's how the program works
If you meet the program requirements and select an eligible property (see eligibility requirements below), your lender may
then apply to Colorado Housing Assistance Corporation (CHAC) for a loan on your behalf.
To Apply: Have your lender send CHAC the following information. These documents should provide a complete picture of your family size and income.
STEP 1 - Initial Application
- Fill out the CHAC two page Information Sheet – go to www.coloradohousingassistance.org, then “Printable Forms” to download the CHAC Information Sheet
- Provide loan, income and credit information, and most recent tax return including attachments – go to www.coloradohousingassistance.org, then “Lenders and Realtors” for details
- Provide a copy of the property inspection – must pass all safety and hazard requirements
STEP 2 – Commitment
Once CHAC has received the above items it takes 3 - 5 days to process.
A Commitment Letter for the lender and a Compliance Form for you, the borrower, to sign will be faxed to your lender. These
forms disclose the loan amount, payment, APR, etc. Your lender should have you sign the Compliance Form and they will fax
it back to CHAC. Once a loan is approved by CHAC, you will have a 30-day commitment for assistance.
LATER STEPS– Your lender will be required to submit additional application items before closing – (See CHAC website for details)
About the Process
You will be required to attend a meeting at CHAC which is designed specifically for borrowers. This is a vital part of CHAC’s
program. At the CHAC meeting you will be provided with information about your loan and payment, the closing, and about being
a homeowner. This meeting is CHAC’s opportunity to explain the program and answer any questions you may have. A meeting date
will be assigned once the initial application is received and a loan is committed.
You will also be required to attend a four-to-six hour Home Buyer Workshop prior to closing. To register, contact CHAC at
(303) 572-9445 or www.coloradohousingassistance.org, then to “Homebuyer Education (Class Registration).” Additional Home Buyer Workshops can be found on the Colorado Housing
and Finance Authority’s (CHFA) web site -
www.chfainfo.com/homebuyer/Homebuyer_Education_course_schedule.icm
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