There is great program now available for those who are considering buying a home in Colorado Springs! This program will be continuously funded so monies should never run out! Programs we’ve seen in the past are only available to first time home buyers, not the case with this program! Other programs such as CHFA have income limits for all adults in the household whereas income limits only apply to qualifying borrowers with this new program!
This is a great opportunity for individuals who want to purchase a home but do not have the funds to put toward a down payment or closing costs. The 4% grant can be utilized toward down payment and closing costs on FHA, VA, and USDA loans.
Unlike other down payment programs, buyers should not have to worry about a recapture tax when they sell the property. This is a grant, so home buyers do not have to pay back the 4%. Unlike CHFA down payment assistance programs, a minimum $1,000 buyer contribution is not required for buyers who take advantage of this grant. The interest rate on the 30-year fixed mortgage is slightly higher than the market rate but will remain competitive.
Buyers must qualify for the program, guidelines are highlighted below:
– 640 Minimum FICO
– 45% Max Debt to Income Ratio
– Max Purchase Price $283,000
– Must occupy property within 60 days
– Income limits do apply
Feel free to contact me for more information about this program or if you would like to be referred to a reliable lender who has knowledge and experience with this program. This is such a great time to buy!!
Contact Patricia Beck about buying a home in Colorado Springs at 719-660-9058