5% down payment assistance grant for home buyers in 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 Colorado 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 Colorado, there is no first time home buyer requirement. However, you must plan to occupy the home as your primary residence. In addition, the Colorado NHF Platinum program is not a loan, it'a a grant, so never has to be repaid!
What's the catch you ask?
There are a few, but the program does accept many 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. http://bit.ly/1oxCKEo
Most of the Denver metro area has a 2014 income limit of $88,205, with Larimer County sitting at $84,525 and El Paso County currently at $82,685.
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%. 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.
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 Colorado. Most types of primary mortgage financing are eligible- FHA, VA, Conventional, and USDA. Here is a link to the NHF Platinum website. http://bit.ly/1m6kCSu
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 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.
Here is a link to the MCC Colorado website: http://www.mcccolorado.com
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 outstanding program!
