Michael Phillip - Colorado Real Estate

en English
en Englishes Spanish
  • Facebook
  • Instagram
  • LinkedIn
  • YouTube
  • Home
  • Search ➥
    • Set Up Property Alerts
    • Search For Homes: Denver Metro to Fort Collins
    • Search For Homes: Colorado Springs
    • Map Search
    • Featured Properties
    • Search New Construction Homes and Communities
  • Castle Rock ➥
    • Castle Rock, Colorado
    • Discover the Charm of Castle Rock
    • Neighborhoods of Castle Rock
      • Castlewood Ranch
      • Cobblestone Ranch
      • Crystal Valley
      • Founders Village
      • The Meadows of Castle Rock
      • Metzler Ranch
      • Terrain Castle Rock
      • The Woodlands
  • Learn ➥
    • My Blog Page
    • Home Sellers ➥
      • The Home Selling Process
      • Preparing Your Home To Sell
      • What’s My Home Worth?
      • What’s My Home Worth? A Comprehensive Look at Real Estate CMAs
      • Calculate Your Home Equity
    • Home Buyers ➥
      • Start Your Home Search Here
      • A Guide For A First-Time Homebuyer
      • The Home Buying Process
      • Helpful Tools For Home Buyers
      • Renting Versus Buying
      • Home Lending Programs ➥
        • Choosing A Lender
        • Mortgage Brokers Vs Traditional Lenders
        • Traditional Home Loan Options
        • Is a FHA Mortgage Loan Right for You?
        • Down Payment Assistance
        • Improving Your Credit Score
        • Knock Home Swap
      • Buying New Construction ➥
        • New Construction Search
        • Purchasing a new construction home
        • Pros and Cons of Buying New Construction Homes
      • Understanding The Dates And Deadlines In A Real Estate Contract
    • Area Information ➥
      • Castle Rock, Colorado
      • Highlands Ranch, Colorado
      • Parker, Colorado
      • Aurora, Colorado
    • Improving Your Credit Score: The Ultimate Guide for Homebuyers
  • Rent-to-Own
    • Home Partners of America
    • Divvy Rent-to-Own
  • Who We Are
    • Testimonials
    • Why Choose Us?
  • Contact Us
  • Para Español

Down Payment Assistance

We are lucky in Colorado to have a great down payment assistance program offered by the Colorado Housing and Financing Authority, or CHFA, that can allow you to put as little as $1000 down to purchase a home, if you meet their qualifications. These are their two down payment assistance options and their general requirements.

Grant Program

  • The Grant program will cover up to 3 percent of your first mortgage loan to help cover some of your down payment and/or closing costs
  • You will not have to repay this grant.
  • Higher interest rate on your mortgage then with the Silent Second option.
  • Total household income and the purchase price must be within their income limits.
  • You have to complete a CHFA homebuyer education class (in-person or online) prior to loan closing
  • There is a minimum contribution of $1,000 toward the purchase of a home
  • You must have a mid-credit score of 620 or higher

Silent Second

  • Can use FHA or Conventional first loan
  • This option will provide up to 4% of first mortgage
  • Lower interest rate than the Grant program
  • You must have a mid-credit score of 620 or higher
  • Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or the sale or refinance of the home.
  • Total borrower income must not exceed CHFA’s income limits
  • Clients must take class (in-person or online) prior to loan closing
  • Min $1000 contribution to contract
  • 35 days to close average
  • $510k loan limit (2020)

Click here to view CHFA’s website for more information or to register for the class

Click here to view CHFA’s current income limits


More Programs

There are also many other down payment programs that may work for you and your situation. Here are a few additional resources to help you find other down payment or buyer assistance programs in Colorado:

HSH.com – A state-by-state guide to the available buyer assistance programs

Downpaymentresource.com – A website where you input answers to questions about you and your situation and it will tell you what programs are available for you.

 

Once you have spoken with a lender and found out which down payment assistance program is right for you, make sure to review our guide The Home Buying Process for the next steps towards becoming a homeowner!


This guide is for informational purposes only and rates, terms, qualifications can change at any time. Please speak with your lender to verify all information and to move forward with the application and approval process. If you do not have a lender, please contact me and I will be more than happy to assist you in finding a great one in your area and that works with the programs you are interested in.

Search


Call:


,
ColoradoHomesByMike - Castle Rock Local
  • Facebook
  • Instagram
  • LinkedIn
* * , *
{{{disclaimer_txt}}}
Listing Data last updated: 1st June, 2023 09:00 MST
Equal Housing Opportunity
Privacy Policy
Service by Buying Buddy® IDX CRM
Copyright © 2003 - 2023 Buying Buddy. All rights reserved.
Equal Housing
Blue Fire Group    Real Estate Websites
© 2023 Copyright
LAC
Buying Buddy    Powered By Buying Buddy ®