5% down payment assistance grant for home buyers in Brighton Colorado. No repayment and no first time buyer requirement!
The NHF Platinum program helps home buyers in Brighton CO with down payment and closing costs up to 5% of the sales price of your home.
The home you are purchasing must be your primary residence, but unlike many other down payment assistance programs, there are no first time home buyer requirements. In addition, the Brighton Colorado NHF Platinum program is a grant, not a loan, so it never has to be repaid!
So what's the catch you ask?
There are a few, but the program does accept many Brighton CO home buyers. The main qualifying factor is that you must fall under the income limits for the NHF Platinum program. Your qualifying income (income used to qualify for the mortgage) must be at or under 115% of the median income in the county where you are looking to buy. Here is a link to the Brighton CO NHF Platinum County Loan Limits.
Most of the Denver metro area has a 2014 income limit of $88,205, with Larimer County sitting at $84,525 and El Paso County currently at $82,685.
The program is also a little more strict on other qualifying guidelines. For example, your debt-to-income ratio can't exceed 45%. What this means is that your total monthly debt payments including the new mortgage cannot exceed 45% of your gross income. Credit scores are also set at a 640 minimum.
Non-occupying co-signers are not allowed and the home must be your primary residence, which can make things a little more tricky especially if you are a first time buyer.
The 5% grant is available throughout the state of Brighton CO . Most types of primary mortgage financing are eligible- FHA, VA, Conventional, and USDA. Here is a link to the NHF Platinum website.
We have several other programs that you may be able to use in tandem with the NHF Platinum program. The Brighton Colorado MCC Tax Credit, and the Homes for Heroes program are the two main ones that can save you additional money. The tax credit is for first time home buyers or Veterans, and basically will get you a tax credit of 20% of your mortgage interest for the life of your home loan. The Homes for Heroes program is a discount program for heroes in our community such as fire fighters, police officers, teachers, and Veterans.
You must work with an approved NHF Platinum lender in order to receive the 5% grant. We are an approved NHF lender. Call RJ Baxter today to find out if you qualify for this fantastic program!
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