CRHDC Homeownership Assistance Program

What is CRHDC Homeownership Assistance Program?

CRHDC Homeownership Assistance Program is a deferred second loan for homebuyers in Statewide County, Colorado.

• CRHDC provides $3,000-$10,000 in down payment and closing cost assistance to low- and moderate-income homebuyers statewide. Also offers Self-Help homeownership (sweat equity) and own mortgage products for very-low-income buyers. HUD-approved counseling center.
• $3,000-$10,000 down payment and closing cost assistance.
• statewide.
• low and very-low income buyers.
• Self-Help homeownership model also available.
• HUD-approved counseling.
• Funding comes from Nonprofit, Federal, and State.

Do you have to pay it back?

CRHDC Homeownership 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?

CRHDC Homeownership 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?

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

• Income at or below 80% AMI; varies by 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?

CRHDC Homeownership Assistance Program can be used for Single Family, Condo, Townhouse, and Manufactured Home.

• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

CRHDC Homeownership Assistance Program serves buyers purchasing in Statewide County, Colorado.

How do you apply?

Applications for CRHDC Homeownership Assistance 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 CRHDC HUD-approved homebuyer education; counseling required.

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.