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Arapahoe County


Mari Takeshita @ Cherry Creek Properties  303.941.6274

Sharon Campbell  @ Guild Mortgage Company at 720-746-4072.


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).

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
• The lender will ask you to fill out the CHAC two page Information Sheet
• Provide loan, income and credit information, and most recent tax return including attachments
• 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.
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 get information on this, contact Sharon Campbell at 720-746-4072

What kind of house can I buy?

1) The home must be a single family detached home, duplex, townhouse, condominium or manufactured home permanently affixed to buyer-owned land.
2) The home must be located in unincorporated Arapahoe County or the cities of Centennial, Englewood, Glendale, Greenwood Village, Littleton, Sheridan or the Town of Deer Trail (Aurora has its own Homebuyer Program).
3) The home must be owner-occupied or vacant at the time an offer is made by the buyer, OR if the unit is tenant-occupied, the tenant must have been notified to vacate the home prior to the time a written offer is submitted. You are eligible to purchase the home you are currently renting.
4) The purchase price cannot exceed 95% of the current FHA mortgage limit. This figure could change every year, so call CHAC for more information if you are buying something over $261,609.
5) Your home to be purchased must be your principal residence.
6) The home must pass a Housing Quality Standards (HQS) inspection. This inspection will be arranged by CHAC and is of no cost to you or your lender. This inspection is to ensure that your new home is livable.

To make sure funds are available to those who need it most, we have some requirements that applicants need to meet before they can apply. To find out if you’re eligible, read below.
If you meet the following requirements and have selected an eligible property, have your lender complete an application.
1) The applicant household’s adults must not have owned a home during the three years prior to purchasing a home in the program. Exceptions may be made if the applicant is a single parent, a displaced homemaker or if they are caring for live-in elderly (62 years or older) relative who has owned their own home (in order to qualify for this exception, the elderly relative may no longer own the home in question);
2) At least one household member or joint applicant must have lived in Arapahoe County for the past 12 consecutive months, OR worked in Arapahoe County at least 20 hours per week for the past six consecutive months (if a joint application, at least one adult must meet this requirement);
3) You must have a minimum of $1,000 in verifiable, available funds to put towards your down payment and closing costs;
4) Your credit bureau reports must evidence timely debt repayment. If you have had a bankruptcy, the bankruptcy must have two years of discharge with the last 12 months free of late payments;
5) The total of your proposed mortgage payment (principal, interest, taxes, & insurance), homeowners association dues (if any) and monthly consumer debt cannot be more than 45% of your gross monthly income.
6) You and all other applicants must be U.S. citizens.
7) You qualify as ‘low or moderate income’ resident, which means your total household income does not exceed the following:
Number of People and Income.
1 $40,150
2 $45,900
3 $51,600
4 $57,350
5 $61,950
6 $66,550
7 $71,150
8 $75,700
These figures are based on 80% of the Denver Metro Area Median Income (AMI) and are subject to change. Contact CHAC if you are close to the limit.

What if I have more questions?

Call Sharon Campbell at Guild Mortgage Company at 720-746-4072.