To continue our series of down payment assistance options in cities and neighborhoods throughout Colorado, we are going to talk about your options in Arvada, Colorado. Assistance for down payment in Arvada at this time is limited to CHFA, as homes in Arvada are not eligible for assistance through CHAC. The City of Arvada at one time did offer down payment assistance to eligible home buyers, but at this time they don’t have any down payment assistance programs.
Homes in Arvada – Down Payment Options
Colorado Housing and Finance Authority (CHFA) provides down payment assistance to first time home buyers and buyers who have owned a home previously and are purchasing a home in Broomfield. As with most down payment assistance programs in Colorado, CHFA does have income limitations for Colorado home buyers and require home buyers to complete an approved home buyer educational class.
CFHA Down Payment Assistance for Homes In Arvada
- Not required to be a first time homebuyer
- Available for homes in Arvada and throughout Colorado
- Must complete homebuyer class prior to loan approval
- Provides a 2nd mortgage of 3% of the 1st mortgage loan amount
- Interest rate on 2nd mortgage is equal to the interest rate of the 1st mortgage
- Income limits for 1-2 person household is $87,200, 3+ person household is $98,600 in Arvada
If you are looking a purchasing a home in Arvada or in Colorado and have questions or want to learn more about down payment assistance options please contact us.
For more information on down payment assistance options for other cities in Colorado:
Originally Posted on Colorado Homes IQ Blog.
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