5% down payment assistance grant for home buyers in Denver Colorado. You don't have to be a first time home buyer and never have to repay the grant funds!
The NHF Platinum in Denver Colorado 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 Denver Colorado, there is no first time home buyer requirement. However, you must plan to occupy the home as your primary residence. In addition, the Denver 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 most Denver Colorado home buyers can qualify for the program. The main qualifying factor is that you must fall under the income limits for the NHF Platinum program. http://bit.ly/1oxCKEo
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 Denver Colorado. http://bit.ly/1m6kCSu
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 a little more stingent on other qualifying guidelines. Debt-to-income ratio can't exceed 45%. That number is high for most non-HNF programs. 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.
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 the state of Denver Colorado. Most types of primary mortgage financing are eligible- FHA, VA, Conventional, and USDA. Here is a link to the NHF Platinum website.
There are many other programs that you may be able to use in tandem with the NHF Platinum program. Two which we are involved in are the Denver Colorado 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. Homes for Heroes is a 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!
