Take a look at what one of my lenders sent me:
CHFA has made some big changes to their down payment assistance program as outlined below. The changes were effective yesterday and should help a lot of home buyers. I've also attached the February Market in Review at the bottom. If you have questions about any type of loan (or down payment assistance), including, but not limited to: FHA, VA, conventional, CDMP- 5.125% today (97% with NO mtg. insurance & NO title seasoning), renovation, or jumbo, please don't hesitate to contact me. I have the knowledge and want to be your resource. Thank you, and please let me know what I can do to assist you.
Colorado Housing and Finance Authority down payment 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
Finally some good news. If you need her contact info please email me
Paul Gruber CRS, e-Pro, REALTOR
Broker/ SR Partner
Metro Brokers - The Edge Group, Inc.
7400 W Jefferson Ave
Lakewood, CO 80235
303-886-5991
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