Get the 5% grant for home buyers in Golden Colorado! No first time home buyer requirement, and no requirement to repay the grant funds!
The NHF Platinum in Golden 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.
You must plan to live in the home as your primary residence, but unlike many other down payment assistance programs, there is no first time home buyer requirement. 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 the program does accept most home buyers in Golden Colorado. The main qualifying factor is that you must fall under the income limits 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.
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 has slightly more picky underwriting guidelines in a couple other areas. Debt-to-income ratio can't exceed 45%. That number is high for most non-HNF programs. 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 Golden Colorado and is available for FHA, VA, Conventional, and USDA financing. 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. The Golden Colorado MCC Tax Credit, 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 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!
