Well they never really went out of style, except for the seller funded stuff.
As a Mortgage lender that specializes in home purchase transactions in Colorado Springs, the biggest challenge that I see keeping potential homeowners from purchasing a home today is the lack of a down payment.
When applying for financing, especially in today's market, the amount you have saved for your down payment really dictates the type of financing that will be offered to you even if your you have great credit. If the down payment requirement is the only thing holding you back from the benefits of being a homeowner, then I have some great news!
If you live in El Paso County you may qualify for grant through the El Paso Co Mortgage bond program. This grant can equal 3% of the loan amount and it never has to paid back! This grant works very well in unison with an FHA loan which requires only 3.5% down.(It can also be used with VA or USDA Financing). For example, if you were looking to buy a home that was listed for sale at $150,000 under current FHA guidelines you would need $5250 down. If you were to use this program the grant would be for $4342 which means you only need $907.
This program isn't for everybody and has some stringent guidelines regarding income and credit score, not to mention a possible recapture tax if the home is sold within 9 years.
Below are some highlight but make sure you speak to a qualified mortgage profesional about your scenario before you apply for this type of financing.
- Minimum Credit Score 600
- First Time Home Buyers Only(Except in target areas)
- Maximum Loan Amount $283,000(Higher in Target Areas)
- Family income no greater than $71,000 for a 2 person household or $81,650 for a 3 person household or more. (Higher in target areas)
- Interest Rate 5.125%/5.238%APR
- 30 Year Fixed Rate Mortgage
Get Started With Are Quick Pre-Qualification Form!
Hans Fetterhoff
Mortgage Banker
CMB #100009597
Crestline Mortgage
"A Division of Universal Lending Corp"
Twitter: CoMortgagePro
www.ColoradoSpringsMortgagePreApproval.com
You're Better Off With Fetterhoff"
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