5% down payment assistance grant for home buyers in Arapahoe County Colorado . No first time home buyer requirement, and no requirement to repay the grant funds!
The NHF Platinum program is a Arapahoe County CO grant program (also available in other states) to help home buyers 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 Arapahoe County CO, there is no first time home buyer requirement. However, you must plan to occupy the home as your primary residence. The 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 many Arapahoe County COhome buyers. The main qualifying factor is that there are county income limits for qualifying for the CO 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 Arapahoe County Colorado .
Most of the Denver metro area has a 2014 income limit of $88,205. Arapahoe County sits at $84,525 and is currently at a $82,685 limit.
The program is also has slightly more picky underwriting guidelines in a couple other areas. For example, your debt-to-income ratio can't exceed 45%. In other words, 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.
Only first time buyers can qualify for the NHF Platinum program 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 Arapahoe County Colorado and is available for FHA, VA, Conventional, and USDA financing. Here is a link to the NHF Platinum website. http://bit.ly/1m6kCSu
There are several other programs that you are available to use in tandem with the NHF Platinum program. Two other savings programs are the Arapahoe County CO MCC Tax Credit, http://www.mcccolorado.com 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. 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!
