First Time Home Buyer Programs


Consider the Facts

  • Credit: You do not need a perfect credit record. Even with past credit problems, you may still be able to buy a home. And, you can fix your credit record.
  • Downpayment: You may be able to buy a home with a down payment of 3% or less. Today, the down payment needed to buy a home is much lower than it once was. But, there is more to buying a home than having the down payment. Closing costs, property taxes and moving expenses are part of the cost of buying a home. There are people you can trust who can give you accurate information about what you need.
  • Mortgage payments: If you do fall behind on your mortgage payments, there are ways to help you get back on track so you don’t lose your home.
  • Income and Employment:  Having a steady income is more important than how long you have been on the job.
  • Home Value:  Although houses cost money to purchase and to keep up, for most people, homes increase in value and become a source of wealth. 
  • U.S. Residency: You don’t have to be a U.S. citizen to buy a home.
  • Personal Financial Information:  The law requires banks and other financial institutions to protect your personal information.
  • Bank Accounts: You do not need a bank account to buy a home.  Lenders can give you a home loan even if you do not have a bank account or a credit card.

 

 

 

Colorado Housing Assistance Corporation,

670 Santa Fe Drive, Denver, CO 80204

Phone (303) 572-9445    Fax (303) 573-9214

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Here are some of the agencies we utilize; all have different rules so please call us to discuss which
agency’s programs will fit your needs..303-912-5113.

  

   

 City of Aurora HOAP Program

NEIBORHOOD GOLD program: This program allows the seller to pay the buyer's 3% down needed to buy a home. Using this program I can structure a purchase so a buyer needs very little money at closing, and the buyer will get a very aggressive interest rate. This program does not involve having a 2nd mortgage and which requires to be paid back like the CHFA & CHAC programs do.

CHFA: offers a low interest rate 30 year term loans along with the cash assistance money (in the form of a 2nd mortgage) needed for down payment and closing costs. Buyers need to attend a Home Buyer's class for this program. Income limits are (Denver & Metro counties) as follows: $55,600 one member family - $69,500 two member family - $79,900 three + member family. CHAC is available for homes throughout Denver. Buyer/s need to attend First Time Home Owner classes. You may to have pay this loan back when you refinance your loan or sell the home, or be liable for a Recapture Tax. CHAFA offers a wide variety of loans programs including ones not for just 1st Time Home Buyers, and are not subject to the Recapture Tax. CHAFA offers HOMEACCESS and HOMEACCESS PLUS for 1st Time Home Buyer’s with disabilities which offers loans at below market rates as well as 2nd mortgage loans for closing costs and down payment. More information at: www.colohfa.org

CHAC: offers the money needed for the down payment and closing costs (in the form of a 2nd mortgage). This money is given in the form of a loan which is paid back in monthly installments of $35 to $60 depending on the amount of the loan. Loan amounts will vary from 3% to 6% with interest rates varying from: 5.25%-12% APR. Income limits are (Denver & Metro counties) as follows: $55,600 one member family - $69,500 two member family - $79,900 three + member family. CHAC is available for homes throughout Denver. Buyer/s need to attend First Time Home Owner classes.  You may to have pay this loan back when you refinance your loan or sell the home. More information: http://coloradohousingassistance.org/coloradohousingassistancecorporation/id23.html

ADAMS County: there is no programs available now through Adams County.  I can utilize the NEIBORHOOD GOLD program for Adams County or CHAFA.

AURORA Home Ownership: (HOAP) assistance program: if purchasing a home in Aurora, you may qualify for cash assistance up to: $10,000 for down payment and closing costs. Income limits are as follows: $40,124 one member family - $45,856 two member family - $51,588 three member family, $57,320 for four member family, $61,906 for five member family, $66,491 for six member family, $71,077 for seven member family, $75,662 for eight member family. More information at: www.ci.aurora.co.us/index.cfm?fuseaction=sec_sub_articles&sectionid=1&SubSectionid=40

DOUGLAS COUNTY: Maximum assistance is: $11,770, Douglas County offers a deferred 0% 2nd mortgage for 5 years, with re-payment beginning year 6 at: 3% interest amortized over the remaining 25 years. Participants must contribute 1% of their own funds and attend 1 Free Home Buyer class and be a 1st Time Home Buyer. Must use one of 6 preferred lenders.  Income limits are as follows: $40,150 one member family - $45,900 two member family - $51,600 three member family, $61,950 for five member family, $66,550 for six member family,

ARAPAHOE COUNTY HOME BUYER PROGRAM: Purchase price not to exceed: $261,609. Buyers have to attend a workshop, cash assistance up to: $20,000 in the form of a 2nd mortgage, which will be a 30 yr loan and requires no re-payment for 5 years. After 5 years monthly payments are made at a 3% interest rate. Do not need a Preferred Lender.


FHA loan limits for Colorado: www.entp.hud.gov/idapp/html/hicost1.cfm

Each program has different rules/regulations, please call me direct at: 303-912-5113 to find out if you qualify for one of these programs. Getting approved has never been easier. Give me a call to schedule a time I can stop over with my laptop computer to fill out the loan documents and I can have an approval very soon after that.

                                        R&S Real Estate Services Inc. & R&S Mortgage Inc.
                                                       P.O. Box 29608 - Thornton, CO 80229 
                                                   303-912-5113 fax 866-613-9498 toll free 
                             e-mail: randy@realtymortgage.net - www.realtymortgage.net