Despite all the doom and gloom, government restrictions, and tight credit markets no down payment loans are still available for some people. In fact, there are still four options available.
The best option and always has been is a VA loan for qualified military veterans. VA loans are government insured loans that feature a great fixed rate and no monthly mortgage insurance.
The second option is combining a FHA loan with a down payment assistance loan from a city, county or state municipality. For example, the City of Aurora has one of the best programs called HOAP for first time home buyers. Arapahoe County has a similar program and Douglas County has their own program too. Two other programs exist for anywhere in the state and one is called CHAC and the second one is CH
FA.
Each of these programs features a maximum income limit to qualify. For each program besides CHFA the income limit is $45,900 for a family of two people. Whereas, CHFA’s income limit for a family of two is $71,800.
Most of these programs have no monthly payment on the second mortgage. Next, interest rates on these loans are really low. Third, some of these loans will even help you pay your closing costs. Fourth, these programs do require a minimum investment from you, normally $1,000 or a little more.
CHFA also offers down payment assistance loans for current and previous home owners. The income limit for a family of two for these loans is over $82,000.
The third option is obtaining gift money from a family member or your employer or a qualified non-profit organization. However, seller funded down payment assistance programs, like Nehemiah, are no longer allowed.
A fourth option, which is new, is a loan from a family member. You can now borrow money from a family member and then you could repay them next year with your income tax refund of up to $7,500 if you are a qualifying first time home buyer.
To learn more please follow these links—
http://www.chfainfo.com/
http://coloradohousingassistance.org/
http://www.auroragov.org/AuroraGov/Departments/Neighborhood_Services/Community_Development/021459?ssSourceNodeId=967&ssSourceSiteId=621
http://douglascountyhousingpartnership.org/
The best option and always has been is a VA loan for qualified military veterans. VA loans are government insured loans that feature a great fixed rate and no monthly mortgage insurance.
The second option is combining a FHA loan with a down payment assistance loan from a city, county or state municipality. For example, the City of Aurora has one of the best programs called HOAP for first time home buyers. Arapahoe County has a similar program and Douglas County has their own program too. Two other programs exist for anywhere in the state and one is called CHAC and the second one is CH
FA.Each of these programs features a maximum income limit to qualify. For each program besides CHFA the income limit is $45,900 for a family of two people. Whereas, CHFA’s income limit for a family of two is $71,800.
Most of these programs have no monthly payment on the second mortgage. Next, interest rates on these loans are really low. Third, some of these loans will even help you pay your closing costs. Fourth, these programs do require a minimum investment from you, normally $1,000 or a little more.
CHFA also offers down payment assistance loans for current and previous home owners. The income limit for a family of two for these loans is over $82,000.
The third option is obtaining gift money from a family member or your employer or a qualified non-profit organization. However, seller funded down payment assistance programs, like Nehemiah, are no longer allowed.
A fourth option, which is new, is a loan from a family member. You can now borrow money from a family member and then you could repay them next year with your income tax refund of up to $7,500 if you are a qualifying first time home buyer.
To learn more please follow these links—
http://www.chfainfo.com/
http://coloradohousingassistance.org/
http://www.auroragov.org/AuroraGov/Departments/Neighborhood_Services/Community_Development/021459?ssSourceNodeId=967&ssSourceSiteId=621
http://douglascountyhousingpartnership.org/
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