5% down payment assistance grant for home buyers in Brighton Colorado . You don't have to be a first time home buyer and never have to repay the grant funds!
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The NHF Platinum program is a Brighton 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.
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 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 most home buyers in Brighton CO. 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 CO NHF Platinum County Loan Limits.
Most of the Denver metro area has a 2014 income limit of $88,205. Larimer County sits at $84,525 and El Paso County is currently at a $82,685 limit.
The program is also has slightly more picky underwriting guidelines in a couple other areas. 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 the state of Brighton CO and is available for 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. Two which we are involved in are the Brighton 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. The Homes for Heroes program is a real estate discount program for heroes in our community such as fire fighters, police officers, teachers, and Veterans.
NHF Platinum is only available to approved CO lenders. We are an approved NHF lender. Call RJ Baxter today to find out if you qualify for this wonderful program!
