There is a new loan available for folks who want to buy a home in Colorado Springs, who are disabled or are parents to disabled children.

If you are a first time home buyer, or have not owned a home in the last 3 years, AND are either permanently disabled or are raising a disabled (physically, mentally, developmentally) child, you may qualify for a 30 year fixed loan at an interest rate of just 3%!

This loan is a new one - and a part of CHAFA (Colorado Finance and Housing Authority)'s attempt to help people from all walks of life become home owners.

Taken from the CHAFA site:

"People with disabilities or parents of a child with a disability may qualify for the HomeAccess and HomeAccess Plus programs. This program is available to low income, first time homebuyers or individuals who have not had property ownership or been listed on a title in the past three calendar years. You may be able to qualify for a first mortgage at a below market, fixed interest rate through the HomeAccess program or a first mortgage with an affordable fixed interest rate through the HomeAccess Plus program. There are purchase price and income limits on these loans. Borrowers who have previously owned a home and are disabled or the parent(s) of disabled children may be eligible for the Taxable HomeAccess Program. This program is not subject to the recapture tax provision.

To assist with down payment and closing costs, CHFA provides an optional $10,000 CHFA HomeAccess Second Mortgage. Used in conjunction with these two programs, this second mortgage is at a 1.5% deferred principal and interest payment; due on sale, refinance, repayment of the first mortgage or when the property is no longer the borrower's primary residence."

There are some limitations in El Paso County:

• Income Limitations: The home buyer's yearly income cannot exceed about $26,400 - $39,600 (depending on specific program).
• Purchase Price Limitations: The purchase price of the home cannot exceed $292,500.

There are additional programs available to assist with down payments and closing costs, as well.

This is such an amazing program for people with disabilities who want to own a home in Colorado Springs!

In fact, Derek and I were discussing this and decided that for every person who we help buy a home in Colorado Springs through this program, we will donate from $100 - $500 to the Chris Matthews Fund - through the Resource Exchange. (The Chris Matthews fun was created to help build a group home for adults with developmental disabilities, here in El Paso County.)

For details on how to apply for this loan, or more information on the guidelines and requirements, please visit the CHAFA website, or contact us: 719.434.7525

Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate.
719.434.7525