Comparison of Available Downpayment Assistance Programs
|
|
Total Household Income
By Family Size
|
Amount of Assistance and Use of Funds
|
Minimum Investment
Required from Buyer
|
Interest Rate &
Term
|
Monthly Payment Required
|
Forgiven
|
|
Aurora HOAP
|
1- $40,200
2- $45,950
3- $51,700
4- $57,450
City of Aurora only
|
Up to $10,000 for closing costs and/or down payment
|
1% of the
purchase price (Buyer can't get cash back at closing)
|
30 yr. term at 3% first five years only
|
No
|
No on DPA. Grant portion is forgiven at closing
|
|
Funding Partners- H2O
|
1 - $40,208
2 - $45,952
3 - $51,696
4 - $57,440
Metro- except Boulder
|
Up to 5% of the purchase price for closing costs and/or down payment
|
$1,000.00 (Buyer can't get cash back at closing)
|
15 yr. term no interest- shared equity program unless pd. in first 2 years
|
No
|
No
|
|
CHFA-
MRB First Step
|
1 - $57,400
2 - $71,800
3+ - $82,500
Metro-except Boulder
|
Up to 3% for down payment or closing costs
|
$1,000.00 (Buyer can't get cash back at closing)
|
30 yr. at 0%
First mtg. rate set by CHFA
|
No
|
No
|
|
Colorado Housing
Enterprises
|
1- $57,845
2- $66,010
3- $74,290
4- $82,570
Metro-except Boulder
|
Loan amounts range from $3,000-$10,000 for down payment and/or closing costs
|
$500
|
5-7 yr. term currently at 6.5%
|
Yes
|
No
|
Please keep in mind there are many other options available for down payment assistance other than what's listed above!
;)
;)
