Get the 5% grant for home buyers in Castle Rock! No first time home buyer requirement, and no requirement to repay the grant funds!
The NHF Platinum in Castle Rock is 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 Castle Rock, there is no first time home buyer requirement. However, you must plan to occupy the home as your primary residence. In addition, the Castle Rock NHF Platinum program is a grant, not a loan, so it never has to be repaid! http://bit.ly/1m6ksuo
So what's the catch you ask?
There are a few, but most Castle Rock home buyers can qualify for the program. 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 Castle Rock. http://bit.ly/1oxCKEo
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. 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. Your credit score must also be higher than many lender have as their normal minimum, 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 Castle Rock and is available for all common loan programs- FHA, VA, Conventional, and USDA financing. Here is a link to the NHF Platinum website. http://bit.ly/1m6kCSu
We have several other programs that you may be able to use in tandem with the NHF Platinum program. The Castle Rock MCC Tax Credit, and the Homes for Heroes program are the two main ones that can save you additional money.http://www.mcccolorado.com
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.
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 wonderful program!
