If first-time home buyers need down payment help (DPA), the CHAC program in Colorado comes highly recommended. The CHAC loan is a second mortgage and it simultaneously closes with your first mortgage.

CHAC is available to applicants with income at or below 80 percent of the Area Median Income. Depending on the number of people living in the household, CHAC accommodates income up to $98,050 in El Paso County. The CHAC loan must be repaid.

Benefits of the CHAC loan usually outweigh the extra responsibility.

• Low interest rates
• Flexible for low-income and moderate-income borrower
• May be prepaid any time without penalty