Down Payment Assistance for First Time Homebuyers
March 16, 2009
Finally some relief for those first time home buyers who have no money available for the minimum down payment requirements!
Colorado Housing and Finance Authority (CHFA) launched new home loans and financial partnerships to help clients in the current economic climate. More specifically, for first time home buyers without money for a down payment, CHFA is now providing a down payment option. CFHA will provide up to 3% of the loan amount towards the down payment or closing costs. Currently the minimum down payment is 3.5% on a FHA loan, so at a minimum clients will be required to provide $1000-2000 towards their purchase.
Additionally, Douglas County Housing Partnership has launched a Shared Equity Program, providing up to 20% towards down payment monies! To be eligible for this program you must either be working and have worked in Douglas County for 1 day or have lived in Douglas County for 1 year and be purchasing a home in Douglas County.
Both programs have specific guidelines surrounding the maximum household income per family. Please call or email Jocelyn Predovich, Licensed Mortgage Consultant at Limetree Lending Group for more details. Phone: 303-325-3578 or jocelyn@limetreelending.com
