Qualify for the program and receive a grant up to 3% of the loan amount. For example, if you are buying a $200,000 house and the loan amount is $195,000, the down payment assistance program will contribute 3% or ($6,000) to help with the down payment and/or closing costs of the loan. You do not have to repay this money. A homebuyer can buy a home with only $1,000 with this program*!
1) 2 years job history in the same line of work.
2) DTI of 45% or less. DTI (Debt to Income) = all debt/all income.
3) 640 minimum credit score.
4) Homebuyers must complete a HUD-approved homebuyer education seminar. (3 – 1 hour classes)
5) Maximum income allowed:
- Families of 2 or fewer: $92,100/year
- Families of 3 or more: $103,000/year.
6) There is no limit on the price of the home – only the income restrictions apply.
7) There are no first-time homebuyer restrictions.
To inquire about your down payment assistance program options,
Contact Colorado Lenders at 303-578-9202
We hope to help you along the path to home ownership!
* Homeowners can buy a home for $1000 if the program is available in a target area, the buyer qualifies for the program, the buyer qualifies for an FHA loan at 96.5% LTV, and has 3 months reserves in the bank. The Metro Mortgage Assistance program will most likely be available March, 9th, 2013 but is entirely subject to the bank that offers the program. Note: Currently Colorado Lenders Inc. is not offering this program but we can connect with a Mortgage Bank that does. Just ask! 303-578-9202