Down Payment and Closing Cost Assistance
You pay your mortgage, and ACHA will pay your down payment and closing costs! At first, the money will be “loaned” as a second mortgage; however, no monthly payments are due. A percentage of the loan is forgiven each year that the homebuyer occupies the home with no accrued interest. After a specified term, the loan is completely forgiven. All you have to do is annually certify that you still occupy the home for which the money was lent. Homeownership made possible!
The only situations in which the remaining balance has to be repaid are as follows: the home is sold, ownership is transferred, the first mortgage is paid in full, or the purchaser no longer occupies the home as their primary residence. However, if the term specified in the contract has elapsed and the second mortgage has been completely forgiven, these conditions will not apply.
Already a recipient of ACHA down payment assistance? Click here to complete your annual occupancy certification
Program assistance is available for first-time homebuyers who earn 80% or less of the Area Median Income (AMI). The entire household income must qualify for the fixed-rate mortgage according to our approved lenders' guidelines. The income guidelines are adjusted annually and are as follows for 2013:
The income guidelines are adjusted annually and are as follows for 2013
|Family Size||Maximum Annual Income|
Program guidelines may change without notice. For up-to-date information regarding parameters and for more information on classes or counseling, call 303-227-2077.
*LENDERS -To become an ACHA approved lender and to receive a Lender Packet, please contact the HOP Administrator at 303-227-2077.