Down Payment Assistance in Colorado
Some homebuyers are likely to forget factoring in the down payment when buying their dream home. This is where down payment assistance can help. It is designed to be an affordable program for low- to moderate-income homebuyers with the purchase of their first home. We can help you apply for down payment assistance from qualified lenders.
When considering down payment assistance in Colorado, you need to make sure that the home meets the US Department of Housing and Urban Development’s minimum standards for safety and health. Moreover, you need to make sure that you are qualified for a mortgage under a private lending institution. Once you are eligible for down payment assistance, you can get a forgivable loan and it will be deferred for a five-year period. After that, the loan is forgiven as long as you meet the requirements stated in your promissory note and deed.
Down payment assistance is practical to use as payment for closing costs and of course. Take note that the number may vary according to the kind of mortgage you have. Keep in mind that to qualify for the down payment assistance program and any government-supported mortgage loan, you (the borrower) should occupy the home as a primary residence.
Our grant programs help alleviate the burden of down payment costs as well as closing costs associated with buying a home.
Down Payment Assistance
At Elevation Mortgage, we want to ensure everyone that wants to buy a home has the ability to do so. That is why we offer down payment assistance programs for families that don’t have the money for the down payment. Whether you use this for closing costs or as a down payment, the choice is yours. Here are a few benefits and program highlights:
- Income restricted to 80% AMI (Average Medium Income). Click here to find out your areas
- Only requires $1,000 from the borrower
- Minimum credit score is 620
- Must be a primary residence
- Not limited to first-time home buyers
- Debt ratio cant exceed 45%
- No minimum or maximum reserves required
- Can be used with a Conventional or FHA loan, No VA
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