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CHAC Special Dates: November 10 & 11 Computer System Conversion, office closed Any scheduled closings for 11/10, must be completed before 4:00pm on 11/09 No closings on 11/11 November 24 & 25 Thanksgiving, closed December 26 Christmas, closed January 2(2012) New Year, closed
CHAC Mission Founded in 1982, CHACs mission is to help make housing affordable and successful homeownership possible for low- and moderate-income individuals in Colorado. CHAC is a 501(c)(3) and certified Community Development Financial Institution(CDFI) based in Denver ( serves statewide), that specializes in providing CHFA approved homebuyer education courses, financial education training workshops, HUD approved foreclosure prevention counseling mortgage assistance through down payment, gap financing and closing cost assistance for lowand moderate-income first-time homebuyers,
CHAC participated in several outreach activities over the past 3 months. We participated at the Wells Fargo Down Payment and Closing Cost assistance event, teaching their partners about our program. Nova Financial invited CHAC to present at their marketing session. We also taught three financial fitness classes for the Denver Housing Authority residents. Finally, CHAC presented a workshop at the 2011 Housing Colorado! Annual conference. CHAC surveys each of our down payment and closing cost assistance borrowers. We receive feedback from them about our process, and their experience with their lenders and real estate agents. CHAC still has funding for the state and metro area. Always reference our website for updates. If your company/agency would like to have CHAC present information to your staff or at an event, contact Charlotte at 303-572-9445 x23.
For lenders- 2nd Wednesday of each month, get trained on how to use our program to help your borrower fill the gap on down payment and closing cost needs. For Realtors once a month, CHAC presents a curriculum on how to use affordable housing funds and programs to help your buyer(or seller) close the real estate transaction. Learn about NSP, down payment programs, homebuyer education and much more. For homebuyers Attend one of many CHFA approved Homebuyer Education classes, scheduled throughout the metro area. For homebuyers/homeowners monthly home maintenance classes and NSP financial classes. For these events and others, please reference our websites for details.
Nicholas P. and Rodolfo P. are recent recipients of CHACs down payment and closing cost assistance. Nicholas, a single Dad, who purchased in Denver, received $5k in assistance. In Weld County, Rodolfo used $3k of CHACs assistance to buy his first home. Both applications revealed low payment shock. They each stated that they had felt comfortable with a payment similar to their rent. For Mr. and Mrs. Z, who have 4 children, they purchased a home, where their payment dropped by almost $300 a month. They were so proud to finally own a home, and reduce this expense. Payment shock is an important criteria when considering our assistance. Our cap is 150%, though compensating factors will be considered. Do advise your buyer to outline a letter of explanation on how they will manage the increased housing payment, if their payment shock exceeds the 150%. Along with our lenders, CHAC wants to feel confident that our buyers are financially confident and able when buying their first home. Any support and counsel you can provide your buyers regarding payment shock is appreciated by CHAC and your client.
Do you wonder if CHACs documents have changed? Do you wonder if CHAC has available funds? Do you wonder if you have to submit additional items? Do reference www.chaconline.org for all updates!
CHAC wishes each of you a Happy and Healthy Holiday Season! Thank you for your partnership.
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