CHFA SectionEight Homeownership Voucher Program

What is CHFA SectionEight Homeownership Voucher Program?

CHFA SectionEight Homeownership Voucher Program is a grant for homebuyers in Statewide County, Colorado.

• CHFA's SectionEight Homeownership Voucher program allows eligible Housing Choice Voucher (Section 8) holders to convert their rental assistance into homeownership assistance. The monthly housing assistance payment is applied toward mortgage costs. Available statewide through CHFA-approved lenders.
• Housing Choice Voucher converted to homeownership assistance.
• monthly payment subsidy applied to mortgage.
• for existing Section 8 voucher holders.
• statewide through CHFA.
• Funding comes from Federal and State.

Do you have to pay it back?

CHFA SectionEight Homeownership Voucher Program is structured as a grant, so it is not repaid.

• Repayment is triggered by Sale, Refinance, and No Longer Primary.
• The assistance is recorded in N/A — voucher subsidy position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

CHFA SectionEight Homeownership Voucher Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

CHFA SectionEight Homeownership Voucher Program limits household income to 80% of the area median income, which varies by county and household size.

• Income at or below 80% AMI; must be existing Section 8 voucher holder.
• 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?

CHFA SectionEight Homeownership Voucher Program caps the purchase price at $806,500.

• Eligible property types include Single Family, Condo, Townhouse, and PUD.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

CHFA SectionEight Homeownership Voucher Program serves buyers purchasing in Statewide County, Colorado.

How do you apply?

Applications for CHFA SectionEight Homeownership Voucher Program go through the administering agency, 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 CHFA-approved homebuyer education course required ($75 online).

2. 2

   Contact the administering agency 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.