NHF Platinum Colorado Springs| CO 5% Grant Program
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! http://bit.ly/1m6ksuo
The NHF Platinum program helps home buyers in Colorado Springswith down payment and closing costs up to 5% of the sales price of your home.
The home you are purchasing must be your primary residence, but unlike many other down payment assistance programs, there are no first time home buyer requirements. In addition, the Colorado SpringsNHF Platinum program is not a loan, it'a a grant, so never has to be repaid! http://bit.ly/1oxCKEo
What's the catch you ask?
There are a few, but the program does accept many Colorado Springshome 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 Colorado.
http://bit.ly/1m6kCSu
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 a little more stingent on other qualifying guidelines. 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.
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 Colorado Springsand is available for FHA, VA, Conventional, and USDA financing. Here is a link to the NHF Platinum website.
There are several other programs that you are available to use in tandem with the NHF Platinum program. Two other savings programs are the Colorado SpringsMCC 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.
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 outstanding program! http://www.mcccolorado.com
