Need Help With Down Payment?
No worries, we can help! Purchase a home with as little as half a percent down. Check out our Colorado down payment assistance programs below. There are lot’s of programs available for Colorado residents so don’t let a lack of down payment stop you from purchasing a home.
So How Does It Work?
These down payment assistance programs are basically regular fixed FHA loans plus an additional 2nd mortgage to help cover the down payment. The 2nd mortgage interest rate can be as little as 0% APR. Having a credit score is usually not required for these programs but alternative credit such as rental history will be required. Homebuyer will typically be required to invest between $1,000 up to 1% of the purchase price. Please contact us for further details.
First Down Program
Statewide Program allows you to purchase a home with .5% down payment. For example a $200,000 purchase would require $1,000 down payment. There are no restrictions on location as long as it’s within the State of Colorado. The down payment assistance is in the form of a 2nd mortgage and must be repaid within 15 years.
CHAC(Colorado Housing Assistance Corporation)
• Statewide program » CHAC website
• Ability to purchase a home with $1,000 down
• Income restrictions apply(up to 80% Area Median Income)
• For first-time homebuyers only
Aurora HOAP(Home Ownership Assistance Program)
Purchase a home in Aurora, CO with only 1% down. Utilize a regular FHA loan plus an interest free 2nd mortgage up to $10,000. The 2nd mortgage can be used towards down payment and/or closing costs.
• Must be first-time homebuyer
• Must contribute 1% minimum contribution
• Must attend first-time homebuyer class
• Income limits below do apply
Visit the Aurora HOAP website for more information or feel free to give us a call if you have any other questions.
Adams County Down Payment Assistance(Adams County DPA Info)
· Only for 1st time homebuyers
• Cannot buy in Westminster, only cities in Adams County or unincorporated Adams County
• If currently living in Westminster, cannot get the assistance
• Must take the First Time Homebuyers education class before signing the contract
• Must fit income guidelines (see Aurora HOAP limits above)
• Loan is forgivable 20% each year (5 years affordability period)
• 2nd lien on the property; after 5 years, ACHA will release
• Must obtain 1st mortgage through CHFA approved lender
• Must have at least 1% down payment
• Must attend housing counseling to be qualified for the assistance
Many other local City and County Programs are available. Please reach out to us to see what options may be available to you. You can also visit the Colorado HUD approved assistance programs list.