Adams County Colorado Down Payment Assistance
by: Mari Takeshita
Up to $5000 is available
First time homebuyer class required (will accept CHFA’s on-line classes)
BUYER MUST HAVE EDUCATION CERTIFICATE PRIOR TO WRITING CONTRACT! Certificates are good for 9 months
$203,000 purchase price limit
Closing happens in Adams County office day before closing
Buyer must have 1% of their own funds into transaction (CANNOT BE GIFTED but can include appraisal, inspection and earnest money)
NO CASH BACK AT CLOSING
Must include everyone’s income in the household
Income guidelines:
Family of one: $42,950
Family of two: $49,100
Family of three: $55,250
Family of four: $61,350
Family of five: $66,300
Family of six: $71,200
Family of seven: $76,100
Will allow MCC to help in ratios (maximum 33%/44%)
Buyer must meet for housing counseling with ACHA and buyer will provide all documentation to ACHA except appraisal and lender forms
Must allow 3 weeks for closing transactions
They require 48 hours to review the HUD
Transcripts are acceptable
Will only lend money buyer needs – doesn’t require you use the full $5000 (as was previously required with the $7000 assistance)
This is a grant forgiven over 5 years with no interest charged
Anyone wanting to participate must attend the training class with Adams County. Contact Enrica Bustos at 303-227-2059 or e-mail ebustos@achaco.com and you can have buyers contact her to set up appointments as well.
Can use this program behind CHFA towards closing costs and prepaids.