5% down payment assistance grant for home buyers in Lakewood 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 Lakewood CO with down payment and closing costs up to 5% of the sales price of your home.
You must plan to live in the home as your primary residence, but unlike many other down payment assistance programs, there is no first time home buyer requirement. In addition, the Lakewood CO 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 most home buyers in Lakewood Colorado. The main qualifying factor is that there are income limits for qualifying 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 the link to the NHF Platinum County Loan Limits in CO.
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. Debt-to-income ratio, for example, 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 lender have as their normal minimum, a 640 minimum score is required.
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 Lakewood Colorado and is available for all common loan programs- 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. Two other savings programs are the Lakewood Colorado MCC Tax Credit, and the Homes for Heroes program. 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 wonderful program!
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