It is no question that Colorado is on the map as the top places to live in 2014. Rental prices have absolutely skyrocketed the last five years, with home prices continuing to rise as well. For the homeowner, they are feeling the recovery and getting back the equity they lost in the Housing Crisis. They also realize that they can rent out their homes for quite a cash flow profit, and this is NOT good news for the RENTER.
This article is not about the benefits of Renting Verusing Buying, but more about assistance programs and resources available to that buyer who might not have the immediate access to a down payment. A resource that will avoid you having to save up for a down payment, ask a family member, or worse, start borrowing against your 401K!
The Colorado Housing Assistance Corporation (CHAC), is focused on HomeOwnership and helping these types of borrowers. The make homeownership affordable to those with low to moderate income. They provide education, counseling, financial assistance for down payment of up to 6% of the purchase price or $10,000 which ever is less.
The down payment will show up as a second mortgage, and you will be required to make monthly payments, however it gives you the immediate benefit of being able to buy a home now, take advantage of the tax incentives, and rest your head somewhere where you can finally call HOME!.
If you have any questions about CHAC, and the qualifications, please call me at 720-524-3215, or contact me today!
About the Author
Brian Quigley has been in the Denver mortgage industry since 2003. Customer satisfaction has been his top priority while guiding clients through the home loan qualification process. He is proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Refinancing, Construction loans, and FHA 203K loans.