Is a down payment stopping you from starting the process of buying a home? Well don’t let it. I am here to tell you that in the days of mortgage past, it was pretty easy to do no money down loans, now those programs are much less prevalent and available, however there are still some great options.
CHAC or the Colorado Housing Assistance Program has some options that will help with your down payment and closing costs. The program is pretty simple, it provides low interest, flexible down payment and closing cost loans to low and moderate income first time homebuyers. The loan is recorded as a second mortgage lien on the property being purchased and all of the loans require monthly re-payment terms.
Now, there are some restrictions to the program such as loan amounts and median income requirements, in Denver county and Jefferson county the loan amounts available for the assistance are up to ten thousand dollars and for the rest of the state up to five thousand in assistance. Remember, these are loans and will need to be paid back, however they are very useful and the pay back terms are very reasonable. Also, you will need one thousand dollars of your own money contributed to the loan.
Ok, if you think you are ready to get started on your road to homeownership and need more information on this program, give me a call at 303-486-7548 and I can give you all the additional details and get your application started. If you are not quite ready to start that process of homeownership, then keep coming back to homebuy101.com for lots of great homebuyer information or sign up for our free road to homeownership series on the site. Have a great day!