Adams County Housing Authority

HOMEOWNERSHIP OPPORTUNITIES PROGRAM

The Homeownership Program offers:

•Free homebuyer education counseling
•Certificate of completion for classes
•Down payment and closing cost assistance to low and moderate-income first-time homebuyers

Free homebuyer educational classes are open to anyone interested in learning about the home buying process regardless of income. The class provides important information to better understand the home buying process. You do not have to be an Adams County resident to attend!

Topics include the following:

• Is Homeownership Right for Me?
• Rent vs. Buy, a Cost Analysis
• Budgeting for Homeownership
• Credit Reports and Scores
• Selecting a Lender/Applying for a loan
• Selecting and Working with a Real Estate Agent
• Real Estate Contracts
• Property Selection
• Inspection vs. Appraisal
• Homeowners Insurance?
• The Closing
• Post Closing/Responsibilities of Homeownership

For more information and class schedules, call the workshop hotline at (303) 227-2089. The information hotline is available 24 hours a day, seven days a week.

WHAT IS HOUSING COUNSELING FOR HOMEOWNERSHIP?

In addition to classes, one-on-one housing counseling provides tailored sessions to fit your individual needs. This includes counseling for personal credit issues, money management and budgeting, as well as debt to income ratios used to qualify you for your first home.

Counseling for homeownership does not have a time limit. We will work with you based on your individual needs to meet your homeownership goals.

WHAT IS DOWN PAYMENT AND CLOSING COST ASSISTANCE?

A loan from grant funds, down payment and closing cost assistance is given as a second mortgage, however, no monthly payments are required. A percentage of the loan is forgiven each year that the homebuyer occupies the home with no accured interest. After a specified term, the loan is completely forgiven. If the home is sold, ownership is transferred, or the first mortgage
mortgage is paid in full or the purchaser no longer occupies the home as their primary residence before the second mortgage is completely forgiven, the remaining balance will be due.

This program is only available for homes purchased in Adams County. We also have funding available for the City of Westminster,
which may include parts of Jefferson County.

WHO IS ELIGIBLE FOR THE DOWN PAYMENT AND CLOSING COST ASSISTANCE?

Program assistance is available for first-time homebuyers who earn 80% or less of the Area Median Income (AMI).
The homebuyer must qualify for the fixed-rate mortgage according to our approved lenders' guidelines.

The income guidelines are adjusted annually and are as follows for 2010:

Family Size

1

2

3

4

5

6

7

8

Maximum Annual Income

$42,500

$48,600

$54,650

$60,700

$65,600

$70,450

$75,300

$80,150

Program guidelines may change without notice. For up-to-date information regarding parameters and for more information
on classes or counseling, call 303-227-2013.

For additional information, contact us at Homeownership@achaco.com

*LENDERS -To become an ACHA approved lender and to receive a Lender Packet, please contact the HOP Administrator
at 303-227-2013.

		Adams County Housing Authority
		Empowering People - Strengthening Communities