Alamosa, Co First-Time Home Buyer Programs and Down Payment Assistance

Program#1 USDA Guaranteed Program

» Program intended for first time buyers and move up buyers who live in rural areas

» Entire City of Alamosa, CO is eligible for the USDA Guaranteed Program

» 100% Financing No Money Down + ability to cover closing costs through lender credit

» Very competitive mortgage rates and low mortgage insurance. More competitive than other assistance programs. USDA also usually has lower closing costs than other assistance programs.

» Program has income limits based on County. Income limits for Alamosa below: 

$86,250 Maximum Yearly Income for 1-4 person household

$113,850 Maximum Yearly Income for 5+ person household

Please note that income limits apply for anyone living in the home over the age of 18 even if they will not be on the mortgage. Contact us for more details.

» Minimum credit score 580+

» Must be owner occupied / No 2nd homes or investment properties

» Home buyer counseling NOT required

USDA Eligibility Website 

Program#2 CHFA Down Payment Assistance

» Available for first-time home buyers and move up buyers

» Option#1 Standard FHA loan at 96.5% + a 4 percent Grant to help cover down payment(no repayment required)

» Option#2 Standard FHA loan at 96.5% + a 5 percent 2nd mortgage to help pay for down payment and some closing costs. No monthly payments on the 2nd mortgage(5%) but the loan will need to be repaid at time of refinance or sale. 

» Program has income limits based on County. Income limits for Alamosa below: 

$99,100 Maximum Yearly Income for 1-2 person household

$115,600 Maximum Yearly Income for 3+ person household

» Minimum credit score of 620+

» Minimum contribution of $1,000

» Closing costs usually much higher than USDA. Can be paid by the seller. 

» Interest Rates usually much higher than USDA

» Must be owner occupied / No 2nd homes or investment properties

» Home buyer counseling required

CHFA Down Payment Assistance Website

Detailed CHFA Income Limits 

Program#3 San Luis Valley Housing Coalition Assistance Program (limited funds)

» Must be first time home buyer
» Standard 96.5% FHA loan + down payment assistance up to $12,000 depending on loan amount. The $12,000 does need to be paid back. Interest rates will range between 1-5% and loan needs to be paid back within 10 years. 
» Benefit of this program is the ability to get a regular competitive FHA loan through us and get the 2nd mortgage through San Luis Valley Housing Coalition. 
» Minimum credit score of 580+
» This program has stricter income limits:
HOUSEHOLD SIZE     ANNUAL INCOME
   1 PERSON                         $35,750
   2 PERSONS                      $40,850
   3 PERSONS                      $45,950
   4 PERSONS                      $51,040
   5 PERSONS                      $55,150
» Home buyer counseling required
**This program has limited funds so please contact us for details**
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