5% down payment assistance grant for home buyers in Adams County Colorado . You don't have to be a first time home buyer and never have to repay the grant funds!
The NHF Platinum in Adams County COis a grant program designed to help home buyers with down payment and closing costs assistance up to 5% of the sales price of the property.
Unlike many of the other down payment assistance programs in Adams County CO, there is no first time home buyer requirement. However, you must plan to occupy the home as your primary residence. In addition, the Adams County 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 Adams County Colorado home buyers. 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.
Most of the Denver metro area has a 2014 income limit of $88,205. Larimer County sits at $84,525 and Adams County is currently at a $82,685 limit.
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. 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 Adams County CO and is available for all common loan programs- FHA, VA, Conventional, and USDA financing. 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 Adams County Colorado MCC Tax Credit http://www.mcccolorado.com 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.
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!
