Get down payment assistance in Longmont CO! Up to a 5% grant for home buyers. No first time home buyer requirement, and no requirement to repay the grant funds!
The NHF Platinum in Longmont 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.
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. 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 many Longmont CO home buyers. 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 a link to the CO NHF Platinum County Loan Limits.
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, for example, can't exceed 45%. 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.
Only first time buyers can qualify for the NHF Platinum program 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 Longmont 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. The Longmont 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. Homes for Heroes is a 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 fantastic program! http://www.mcccolorado.com
