5% down payment assistance grant for home buyers in Highlands Ranch Colorado. You don't have to be a first time home buyer and never have to repay the grant funds!
The NHF Platinum program helps home buyers in Highlands Ranch Colorado with down payment and closing costs up to 5% of the sales price of your home.
Unlike many of the other down payment assistance programs in Highlands Ranch Colorado, there is no first time home buyer requirement. However, you must plan to occupy the home as your primary residence. In addition, the Highlands Ranch Colorado NHF Platinum program is not a loan, it'a a grant, so never has to be repaid!
So what's the catch you ask?
There are a few, but the program does accept many Highlands Ranch Colorado 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 NHF Platinum County Loan Limits in Highlands Ranch Colorado.
In most of the Denver metro area the 2014 income limit is $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. Your credit score must also be higher than many lenders will accept, a 640 minimum score is required.
The NHF grant program is only for primary residence home buyers and you can't have a non-occupying co-signer, 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 Highlands Ranch Colorado and is available for FHA, VA, Conventional, and USDA financing. Here is a link to the NHF Platinum website.
There are many other programs that you may be able to use in tandem with the NHF Platinum program. The Highlands Ranch 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. Homes for Heroes is a discount program for heroes in our community such as fire fighters, police officers, teachers, and Veterans.
In order to receive the 5% down payment grant, you must work with an approved NHF Platinum lender. We are an approved NHF lender. Call RJ Baxter today to find out if you qualify for this fantastic program!
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