BUYER ELIGIBILITY APPLICATION

The SCHA determines if your an eligible buyer for deed-restricted properties, per the property’s Restrictive Covenant criteria. In order to qualify, you MUST have a specific property address in order to complete this application – exceptions may apply for new construction lotteries. The Buyer Eligibility Application is only available via personal invitation from SCHA. If you are looking to apply for a specific property, please email [email protected].

Please Note:

The application will walk you through any other documentation you may need depending on certain variables. SCHA may request follow up documentation as deemed necessary for the processing of your application.

SCHA does not accept physical copies of documentation or in-person submissions. All submissions must be through the online application.

Smart phones have the capability to scan your documents directly in your files app. If you do not have a scanner, this is one way to get a digital copy. Photos of your physical document (must be legible) are accepted.

General Applicable Documents

  • Photo Identification:
    • Driver’s license or state identification card
    • City/Municipal identification card
    • Passport
    • Permanent Resident Card
    • Employment Authorization Card (including photo)
    • Native American Tribal Document (including photo)
  • Residential History: Please provide proof of residency documentation verifying your current physical address. The acceptable forms of Proof of Residency documentation may include any of the following:
    • Property tax statement
    • Record of ownership (assessor or clerk’s info)
    • Lease (signed with start and end dates)
    • Utility bills (minimum quarterly)
    • Renter or homeowner’s insurance policy
    • K-12 school transcripts
  • First-time Homebuyer Education certificate: certificate expires 1 year (12 months) from the time of signing, expired certificates will not be accepted OR  agreeing to obtain a certificate from a CHFA/HUD sponsored course prior to the closing date.
  • Pre-qualification letter from a mortgage lender or documentation of source of funds to cover the cost of the home price. Pre-approval letter is recommended but we will also accept a prequalification letter. If not using a lender, other documentation of the source of the purchasing funds will be required. Contact SCHA for details.

Income Documentation by Type

Seasonal or Year-around W2 Employee

Documents to Submit:

  • Verification of Employment Form (filled out by your supervisor or HR representative) for all W-2 wage employment, including seasonal jobs. Those who work more than 1 job seasonally will need to produce a VOE for each job (i.e. ski patrol and golf course attendant with Vail Resorts). The VOEs are valid for 60 days from time of signing at which time a new form will need to be completed. 
  • Two most recent paystubs for all current jobs, to including any seasonal jobs.
  • Two most recent years of Federal Tax Returns including all forms/schedules filed with the IRS (for Employment Only & Income applications)
  • All W-2s for all current employers AND all W-2s that contributed to most recent Federal 1040 Tax Returns (for Employment Only & Income applications)

Self Employed or 1099 Worker

Documents to Submit:

  • Business address, website, description of work
  • Colorado Secretary of State – Business of Good Standings Certificate
  • Local business license if required by town code.
  • Two most recent years of itemized Profit & Loss statements current year finalized monthly statements may be requested.
  • Current year Balance Sheet (prior year may be requested as needed.)
  • Two most recent years of Federal Tax Returns (Personal and/or business returns) including all forms/schedules (k-1) filed with the IRS (for Employment Only & Income applications)

Investment Income

Documents to Submit:

Investment income includes: 
  • Interest: From bonds, CDs, and cash accounts.
  • Dividends: Payments from stocks and mutual funds.
  • Capital Gains: Profit from selling an investment for more than its purchase price.
  • Other Income: Royalty income, and non-qualified annuities. 

Providing proof: Annual, quarterly or monthly statements along with Federal Tax Returns.

Spousal / Child Support

Documents to Submit:

  • Divorce Decree
  • Settlement Agreement & all modifications to original agreement (List all children as dependents in household section)

Social Security / Disability Income

Documents to Submit:

  • Annual SSI / SSDI / VA letter

Other Income

Documents to Submit:

  • Other income includes: 
    • Unemployment Income
    • Rental Property: Addresses, current lease, other documentation as requested. 
    • Home/Property Sale: Federal Tax Return, other documentation as requested. 

Asset / Debt

PLEASE NOTE: If you are applying for a property that does not require assets to be reported, please select the button “Our Household Has No Asset”. If you are unsure if the property you are applying for requires Asset Testing, please reach out to SCHA to verify.

If Asset Testing is REQUIRED: Add Assets and Debts for every adult (over 18 years old) living in your household.

ALL asset/debt accounts must be disclosed for EVERY adult in your household.

Asset

Documents to Submit:

Asset types include:

  • Savings
  • Checking
  • CD’s
  • Savings Bonds
  • Investment Accounts (please indicate if they are ROTH IRA OR 401K)
  • Real Estate
  • Vehicles, Campers, Recreational vehicles

Documentation Needed: past 3 months’ statements or quarterly if monthly is unavailable, KBB trade in value screenshot, mortgage statement and assessor’s office tax assessment.

Debt

Documents to Submit:

Debt types include:

  • Credit cards
  • Student loans
  • Auto loans
  • Personal loans
  • Home Loans

Documentation Needed: past 3 months’ statements or quarterly if monthly is unavailable and/or mortgage statements.