In this lending environment, the number one question I am asked is, "Are there down payment assistance programs in Colorado?"
Plain and simple, "Yes", is the answer.
Down payment assistance programs in Colorado are available through many sources. One main source is through Colorado Finance and Housing Authority, CHFA. Also, local county government has several avenues of down payment assistance, closing costs assistance and rehabilitation of homes in foreclosure.
CHFA offers down payment assistance programs in Colorado known as First Steps. This financing is a FHA first mortgage that requires a 3.5% down payment. CHFA provides 3% of that down payment requirement in the form of a second mortgage. The interest rate matches the interest rate on the first mortgage and the payment is amortized over 30 yrs.
You can literally buy the home for the minimum investment of $1000 (minimum required) if the seller or lender are paying the closing costs and pre-paids on the buyer's behalf.
The down payment assistance programs in Colorado are available through select lenders that have completed education requirements allowing them to offer the CHFA access.
Also required for down payment programs in Colorado is home buyer education for the buyer. You can take this class in person or online and this will be required for the financing.
Please see my review at this link here to access the site;
http://screencast.com/t/9Z0iSsluTN
This is the link to the CHFA site as well;
www.chfainfo.com
Accessing these links for down payment assistance programs in Colorado will provide you with a signficant amount of information to get started and please don't hesitate to contact me directly or apply online so my team and I may help you navigate through the process. It's also important to note that down payment assistance is also available to those that are not first time home buyers and I will highlight those avenues in coming blog posts.
MY BEST!
Please apply directly at www.guildmortgage.net/joshuagraham
Comments (0)Subscribe to CommentsComment