Down Payment Assistance Grant * 

  • Up to 3 percent of your first mortgage**  
    (Example: Get up to $6,000 on a $200,000 mortgage)

  • No repayment required

 

Second Mortgage Loan*
 

  • Up to 4 percent of your first mortgage**
    (Example: Get up to $8,000 on a $200,000 mortgage)

  • Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or the sale or refinance of the home. 

​Forgivable Down Payment Assistance Loan:

  • 0% Interest

  • 30-year Second Mortgage

  • No repayment as long as you remain in your home, do not refinance, and make three years of mortgage payments.

Eligibility Criteria:

  • No First-Time buyer requirement

  • Must be Principal Residence

  • Must occupy within 60 days of closing

  • Household Income Limit: $134,850

  • Minimum 660 credit score for FHA, USDA, VA (Minimum 640 credit score for Conventional)

  • Required homebuyer education - HUD Approved or CHFA

Eligible Loan Types:

  • FHA, VA, USDA-RD

  • Freddie Mac HFA Advantage

CHAC Down Payment Assistance in Denver, Colorado

Colorado Housing Assistance Corporation (CHAC) has provided first time

home buyers in Colorado down payment assistance since 1982.  CHAC provides first time home buyers a low interest rate 2nd mortgage to be used for down payment or closing costs. The home buyer can obtain 1st mortgage from any lender allowing them to obtain the best interest rates available in Colorado.  CHAC funds are limited and may not be available throughout the year.

  • Max Loan Amount: 6% of the purchase price or $10,000 (lesser of the two)

  • First Time Home Buyer ONLY

  • Loan Terms: 30 Year Fixed at 2% OR 30 Year Fixed at 6% with payments deferred for the first 5 years

  • Income Limits: 80% of Median Income

  • Minimum Financial Contribution: $1,000

CHAC Down Payment Assistance in Jefferson County, Colorado

  • Max Loan Amount: 6% of the purchase price or $10,000 (lesser of the two)

  •  First Time Home Buyer ONLY

  • Loan Terms: 30 Year Fixed at 2% OR 30 Year Fixed at 6% with payments deferred for the first 5 years

  • Income Limits: 80% of Median Income

  • Minimum Financial Contribution: $1,000

CHAC Down Payment Assistance throughout Colorado

  • Max Loan Amount: $5,000

  • First Time Home Buyer ONLY

  • Income Limits: 80% of Median Income

  • Minimum Financial Contribution: $1,000

Available Assistance:
Under the Metro Mortgage Assistance Plus Program, when borrowers apply for a 30-year fixed rate home loan with a qualifying lender, they may be eligible for a grant which offers up to 4 percent of the mortgage amount. Funds from the grant can be used to cover some or all of the down payment and closing costs.

Eligibility Requirements:
Unlike most assistance programs, this one isn’t exclusive to first-time homebuyers. Applicants must have an annual household income that falls under the program's set limits (shown below). They must have a credit score of at least 640, and a maximum debt-to-income ratio of 45 percent. Borrowers are also required to complete a HUD-approved homebuyer education course.

Income Limits:
1 to 2 persons: $95,880
3 or more persons: $111,860

VA Loan Programs

VA Loans are great for veterans who are first-time home buyers with limited

savings for down payments and closing costs. They are also great for purchasing or refinancing in high-cost areas.

Qualifications:

 

Eligibility:

With a VA loan, the borrower must be a qualifying active duty member of the U.S. military, veteran, or surviving spouse. A Certificate of Eligibility (COE) is required. 

 

You might be eligible if:

  • You served 90+ days active duty during wartime

  • You served 180+ days active duty during peacetime

  • You were not dishonorably discharged

  • You are currently active duty

    • You are the surviving spouse of a veteran who died during service or          because of service-related injuries and are not remarried

Forgivable Down Payment Assistance Loan:

  • 0% Interest

  • 30-year deferred Second Mortgage

  • 60% of the Second Mortgage Amount forgiven pro-rata over the first five years (60 months) at 1/60th per month.

  • The remaining 40% of the Second Mortgage Amount will be forgiven at the end of the 30-year period/maturity date of the first mortgage.

 Eligibility Criteria:

  • Maximum Household Income (1 or more persons): $120,120

  • Maximum Home Purchase Price: None

  • Maximum debt-to-income (DTI) ratio of 45% for Government loan products

  • Maximum debt-to-income (DTI) ratio of 50% for Freddie Mac loan product

  • Minimum 640 credit score with 4% DPA loan

    • FHA loan: Credit scores between 640-659 will receive a 3.5% DPA loan

  • Because this is not a “bond” program, there is no first-time homebuyer requirement nor federal recapture tax under the El Paso County “Turnkey Plus” Program

Eligible Purchase Area:

Mortgage loans under the program may be made to qualifying borrowers

throughout El Paso County, including Colorado Springs.

Denver first time home buyer FB.png

Denver First Time Home Buyer

Greater Denver Area, Boulder, Colorado Springs

Josefalconettexprealty

©2020 by Denver First Time Home Buyer

by Brokers Guild Homes

COPYRIGHT © 2020 IS A TEAM OF BROKERS OPERATING UNDER BROKERS GUILD HOMES AND IS NOT A BANK OR MORTGAGE LENDER. BROKER DISCLOSURE DENVER FIRST TIME HOME BUYER® IS A REGISTERED TRADEMARK ALL RIGHTS RESERVED. PRIVACY REPRODUCTION IN WHOLE OR IN PART WITHOUT PERMISSIONS IS PROHIBITED | 

This site was designed with the
.com
website builder. Create your website today.
Start Now