Chaffee County Homebuyer Assistance Program

What is Chaffee County Homebuyer Assistance Program?

Chaffee County Homebuyer Assistance Program is a deferred second loan for homebuyers in Chaffee County, Colorado, administered by Chaffee Housing Authority.

• Chaffee County Housing Authority provides deferred-payment DPA to first-time homebuyers in Chaffee County (Salida, Buena Vista area), a fast-growing mountain community in south-central Colorado.
• DPA for Chaffee County first-time buyers.
• Salida and Buena Vista area.
• deferred repayment.
• mountain community.
• Funding comes from Local Government.

Do you have to pay it back?

Chaffee County Homebuyer Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Sale, Refinance, and Maturity Date.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Chaffee County Homebuyer Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Chaffee County Homebuyer Assistance Program limits household income to 100% of the area median income, which varies by county and household size.

• Income at or below 80% AMI; Chaffee County.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Chaffee County Homebuyer Assistance Program can be used for Single Family, Condo, and Townhouse.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Chaffee County Homebuyer Assistance Program serves buyers purchasing in Chaffee County, Colorado.

• The program targets specific areas: Chaffee County (Salida, Buena Vista, Poncha Springs).

How do you apply?

Applications for Chaffee County Homebuyer Assistance Program go through Chaffee Housing Authority, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved homebuyer education required.

2. 2

   Contact Chaffee Housing Authority to reserve funds

   Funds are reserved through First-Come-First-Served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.