Buying a Home in Broomfield and Need $$$ for Down Payment?

In our ongoing series of down payment assistance options in cities and neighborhoods in Colorado, we are going to talk about your options in Broomfield, Colorado. As a reminder, FHA mortgage loans provide the lowest down payment requirement, 3.5% of the purchase price, for all homes in Colorado. Fannie Mae does offer their HomePath mortgage in Colorado for homes owned by Fannie Mae which only requires a 3% down payment.

Homes in Broomfield – Down Payment Options

If you are looking to purchase a home in Broomfield and you need down payment assistance you will have a few options. Colorado Housing Assistance Corporation (CHAC) provides down payment assistance to first time home buyers purchasing a home in Broomfield and CHFA also offers down payment assistance to home buyers in Broomfield. As with most down payment assistance programs in Colorado, both programs have income limitations for Colorado home buyers and require home buyers to complete an approved home buyer educational class.

Colorado Housing Assistance Corporation (CHAC) for Homes in Broomfield

• Must be a first time home buyer
• Available only for homes in Broomfield County and for homes in Colorado
• Must complete homebuyer education class
• Homebuyers in Broomfield may receive up to $5,000 with payments of $50/month
• 5% Simple Interest (7.75% APR)
• Home buyer must have $1,000 in the transaction
• $200 loan commitment fee, $100 doc prep fee, $16 recording fee

Income Limits for Homes in Broomfield

Family Size Maximum Annual Income

1 $42,500

2 $48,600

3 $54,650

4 $60,700

5 $65,600

6 $70,450

CFHA Down Payment Assistance for Homes In Broomfield

• Not required to be a first time homebuyer
• Available for homes in Broomfield and throughout Colorado
• Must complete homebuyer class prior to loan approval
• Provides a 2^nd mortgage of 3% of the 1^st mortgage loan amount
• Interest rate on 2^nd mortgage is equal to the interest rate of the 1^st mortgage

If you are looking a purchasing a home in Broomfield or in Colorado and have questions or want to learn more about down payment assistance options please contact us.

Originally Posted on Colorado Homes IQ Broomfield Blogs.