Colorado Housing and Finance Authority down payment assistance

Can get up to 3% of 1st mtg amount for assistance

Available for first time AND non-first time homebuyers

Borrower minimum financial contribution is $1,000 & no cash back at closing

Only need one year of tax returns now instead of three

Income limits for Denver Metro: 1 person- $71,800, 2 person- $82,500, 3+ person- $93,300

Minimum credit score- 580

45% maximum debt to income ratio when manually underwritten- so if we get an automated approval we can go higher

Rates will be posted daily at 9:30 am MST- rate today for a 30 day lock is 5.625% & a 60 day lock is at 5.75%

Non traditional credit acceptable

Owner occupied only; may not own other properties

Interest rate on the 2nd will be the same as it is on the 1st mtg

Payment for 2nd will be amoritized over 30 years- this will make the payment very minimal