Adams County is a wonderful place to live. Adams County Housing Authority (ACHA) has been helping first time homebuyers purchase residential real estate since 1992. ACHA is now presenting First Time Home Buyers Down Payment Assistance Program "Smart" Home Buying 101. This is an excellent opportunity for first time homebuyers to become homeowners. Participants in the program must meet income guidelines, attend an educational class prior to executing a sales agreement and purchase property in Adams county. Other restrictions may apply. Buyers contribution is 1% of the purchase price and ACHA's contribution to downpayment and closing costs will be $7000 per transaction total. This is grant money and is forgiven at 10% per year, over 10 years at 0% interest and no monthly payment is required.
SMART stands for selecting, mortgages, affordable, responsible, today. All of the classes at ACHA are informative and educational. For all of the details and class times contact Adams County Housing Authority located at 7190 Colorado Blvd, 6th floor, Commerce City, Co 80022 Phone 303-227-2075. www.adamscountyhousing.com. Equal Housing Opportunity.
What does this mean to a first time homebuyer. The normal downpayment for a FHA loan is 3.5% of the purchase price. Closing cost can be in the 3-4% range of the purchase price. Examlple: purchase price $150,000. Downpayment would be $5250 and closing costs $4500-6000. The buyer would need $9750-11,250. Using the ACHA HOP Program the first time homebuyer would need $1500 (1%) and the remainder could be covered with the $7000 ACHA grant and a small seller contribution. Are these numbers real? Currently there are 57 HUD Owned properties for sale in Adams County priced from $100,000 to $150000 and HUD will contribute up to 3% for closing costs. There are other bank owned properties in Adams County also from FannieMae and FreddieMac which will also contribute. The question is not if you can buy but when.
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