Get the 5% grant for home buyers in Englewood 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 Englewood 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 Englewood CO, there is no first time home buyer requirement. However, you must plan to occupy the home as your primary residence. The CO NHF Platinum program is a grant, not a loan, so it never has to be repaid!
What's the catch you ask?
There are a few, but the program does accept most home buyers in Englewood CO. 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 a link to the NHF Platinum County Loan Limits in Englewood Colorado.
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 strict on other qualifying guidelines. Debt-to-income ratio can't exceed 45%. That number is high for most non-HNF programs. Debt to Income ratio is calculated by dividing 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.
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 Englewood Colorado and is available for all common loan programs- 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 Englewood 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.
http://www.mcccolorado.com
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 fantastic program! `
