5% down payment assistance grant for home buyers in Colorado. No first time home buyer requirement, and no requirement to repay the grant funds!
The NHF Platinum in 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 Colorado, 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!
So what's the catch you ask?
There are a few, but most Colorado 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 Colorado. http://bit.ly/1oxCKEo
In most of the Denver metro area the 2014 income limit is $88,205, with Larimer County sitting at $84,525 and El Paso County currently at $82,685.
The program is also a little more strict 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. Your credit score must also be higher than many lender have as their normal minimum, a 640 minimum score is required.
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 and is available for FHA, VA, Conventional, and USDA financing. 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. The Colorado MCC Tax Credit http://www.mcccolorado.com , and the Homes for Heroes program are the two main ones that can save you additional money. 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!
