Looking to buy a home in the Denver CO area, but having a hard time saving up a down payment?
We can help! The Colorado Housing Finance Authority (CHFA), now has down payment assistance grants for home buyers anywhere in Colorado.
There are two types of down payment help available in the Denver Colorado area and the rest of the state; Down payment grants and “silent” 2nd mortgages.
Down payment grants: Grants do not have to be repaid and are available up to 4% of your mortgage loan amount. The interest rate will be higher on your home loan with the grant option.
Down payment “silent” 2nd mortgages: A silent 2nd is an additional mortgage on your home that doesn’t have a payment. Most silent 2nds also have 0% interest, which is the case with a CHFA loan. The interest rate of the mortgage is lower with this type of assistance compared to the grant, and 5% of the primary mortgage is available in down payment funding. The silent 2nd is repaid when you sell your home in the future.
There are basic factors for qualifying for these types of loans including falling under the income caps in Denver Colorado. We can help you to determine how much CHFA grant money you qualify for. Just give The RJ Baxter Team a call at 303-670-0137 or email us at baxterteam@fairwaymc.com.
--The RJ Baxter Team
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