The Basic Facts About Down Payments
Most of the time, the down payment is a major factor in a buyer’s potential inability to purchase a home. There are many different options that your mortgage professional can assist you with that range from a minimum down payment of as much as 20% to as little as $100.00 to Down Payment Assistance Programs. Please keep in mind that these different options are constantly changing and carry many different requirement and stipulation ranging from credit to annual income to property location and type. A good mortgage professional will be well versed in all of these areas and help you understand it for yourself.
Down Payment Assistance Programs
CHFA / Colorado Housing and Finance Authority – Colorado’s most popular programs that offer down payment assistance. They have different programs for different scenarios, and can only be coupled with a CHFA FHA First Mortgage not an outside FHA or Conventional Mortgage. Again, each option carries different stipulations and/or requirements so be sure to check with a well-educated mortgage professional that can assist you and is also approved with CHFA.
CHAC / Colorado Housing Assistance Corporation – Offer many programs that are different from the geographic area of which you are buying in. These options can be coupled with regular FHA loans.
City/County Down Payment Assistance – Most cities and/or counties offer programs that work alongside an FHA mortgage that carry certain income eligibility requirements.
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