Are you a Broomfield CO teacher who is looking to buy a home?Learn more about the incredible savings you can receive on Broomfield Colorado teacher mortgages.
You can save you thousands or tens of thousands on your home purchase with these three programs in Broomfield. The three programs are: The Broomfield Home Buyer Tax Credit (Mortgage Credit Certificate), the Homes for Heroes program, and the teacher next door program.
Homes for Heroes is a program for heroes in our community, such as teacher, who give so much to make Broomfield an incredible place to live. One of the groups that we honor through this program are Broomfield teachers.
The HFH program provides a teacher mortgage discount off of closing costs. You can receive additional discounts by using a HFH Realtor or other HFH professionals. These discounts are available for either home purchases or refinance loans.
Colorado Home Buyer Tax Credit
The tax credit, also called the Mortgage Credit Certificate (MCC) is also available for teachers in Broomfield. The MCC is a program that is available only on a home purchase transaction (or a refinance if you have an existing MCC on your current loan). The tax credit will save you, on average, between $125-$250 per month off your mortgage interest for the life of your loan, translating to tens of thousands of dollars in savings!
To qualify for the MCC, you must fall under your (generous) county income limits and be either a first time home buyer, Veteran, OR purchase a home in a "targeted" area. Your Broomfield Teacher mortgage loan can likely qualify for the tax credit!
Colorado Teacher Next Door Program
The teacher next door program (Good Neighbor Next Door) is designed to help teachers purchase homes at a discount. You must purchase the home in a targeted area (hint: targeted areas qualify for the tax credit), and essentially purchase the home at 50% of the list price.
You will have a "silent" 2nd mortgage for the remainder of your home purchase, meaning there is no payment or interest on this portion of your loan. You must then live in the home for at least 3 years as your primary residence, and after that, the silent 2nd is forgiven, which will leave you with substantial equity in the home.
These great Broomfield teacher mortgage loans and discounts can help you save money as a teacher in our community. It is critical to work with a mortgage lender who can access all of these programs for you, and who understands the unique aspects of teacher loans Broomfield.
We have in-house underwriting and funding meaning that you will receive the best possible service and will meet your contract deadlines. Call RJ Baxter in the office at 303-670-0137 to discuss your options or visit us at www.cohomesandloans.com. We will provide honest answers to your questions about Broomfield teacher mortgages!
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