First Time Home Buying Assistance in Arapahoe County, Colorado
If you are a resident of Arapahoe County, Colorado and are interested in buying a home – there may be down payment assistance programs available to you. Saving enough money for a down payment is one of the single biggest obstacles to homeownership – but it is entirely possible that down payment assistance is available to you and you aren’t even aware of it.
What is Down Payment Assistance?
Simply put, it is any kind of program that is designed to help people get into a home. That may be a very broad definition, but down payment assistance programs are not always programs that hand out free money by giving you cash in a suitcase – they can take many different forms. Some examples of the different types of down payment assistance programs that may be available include:
- Silent Seconds
- Delayed Repayment Loans
- Interest Free Loans
- Lender Specific Programs
Because there are so many different types of programs that may be available – it is advised that you find the right loan officer who is knowledgeable in programs in your area.
Down Payment Assistance Programs in Arapahoe County, Colorado
- Arapahoe County / Colorado Housing Assistance Corp (CHAC) Down Payment Assistance Program: CHAC provides low interest, flexible loans to low and moderate (80% AMI) income first time home buyers for down payment and closing cost assistance. The loan is recorded as a second mortgage, (lien), on the property being purchased. All of the loans require repayments, usually monthly, although the start date of those payments may vary. To learn more click here.
- Arapahoe County – First-Time Homebuyer Assistance Program: This program can help you pay for the down payment, closing costs and prepaid/escrows for 6 percent of the purchase price up to $10,000. The loan repayment schedule will begin immediately and will be amortized for a period not to exceed 15 years. To learn more click here.
- CHFA – Colorado Housing and Finance Authority – Down Payment Assistance Grant: With the CHFA DPA Grant, you can get a grant for up to 3 percent of your first mortgage loan* to help cover some of your down payment and/or closing costs. To learn more click here.
Mortgage Programs Available in Arapahoe County, Colorado
- CHFA Mortgage Credit Certificate – Colorado Housing and Finance Authority: This is a tax credit program to claim a percentage of annual mortgage interest paid each year as a federal tax credit on Federal Income Tax Returns. To learn more click here.
- National Homebuyers Fund, Inc. – Platinum Program: The NHF Platinum Program provides down payment assistance (up to 5% of the loan amount) in conjunction with the purchase of a primary residence in various states. Restrictions may apply. To learn more click here.
Additional Home Buying Resources
HUD offers some resources to those people who are interested in learning more about the process of buying a home, and the information on HUD’s website is free. Just a few of the services that HUD offers information about include:
- Housing counseling agencies – free or low-cost counseling services for buying, renting, defaults, foreclosures, credit issues and reverse mortgages.
- Predatory lending – beware if you’re buying or refinancing your home; don’t become a victim of unfair lending practices
- Education – learn about buying and maintaining your home
- Assistance programs – resources and programs to help you buy and maintain your home
- HUD homes for sale
- Homeownership vouchers – some public housing agencies help you become a homeowner through the Housing Choice Voucher Homeownership Program
- Home repairs – money for home improvements and repairs
- Avoiding foreclosure – don’t lose your home
- Making your home more energy efficient
Other Relevant Arapahoe County Sites
- Colorado Association of Realtors
- Arapahoe County Schools
- Arapahoe County Sheriff
- HUD Homeownership Assistance for Colorado