Colorado Programs That Will Pay Your Down Payment For You
Do you want to buy a house but feel like you’ll never be able to come up with the funds for a down payment? Are increasing rent prices, groceries prices, and gas prices squeezing your budget to the point where saving more than a few bucks feels almost impossible? Don’t give up hope! Here are three Colorado programs that will actually pay your down payment for you.
MetroDPA
MetroDPA is an awesome program that provides no payment, zero-interest, forgivable down payment assistance loans. Depending on what you qualify for, they may also be able to cover a portion of your closing costs. And, the best part is, if you live in the home for more than 3-5 years, you don’t have to pay the loan back. Here are their qualifications:
You cannot make more than $176,700/year
Must have a minimum credit score of 640
This program is available across most of the Front Range from Castle Rock to Wellington. You can check with your favorite lender for exact availability!
Additionally, MetroDPA offers a Social Equity Program available for residents or descendants of residents who lived in redlined Denver neighborhoods between 1938 and 2000. This program can provide those that qualify with a $15,000 - $25,000 down payment on their home.
You can find more information about MetroDPA HERE.
CHFA
CHFA is a Colorado-wide program that offers down payment and closing cost assistance for 3-4% of your loan amount that may or may not need to be repaid if your home is sold or refinanced. CHFA offers a ton of different programs, so chances are you’ll be able to find something that works for you and your situation. Here are their qualifications:
The income limit greatly varies depending on the program and the household size
Must have a minimum credit score of 620
With CHFA assistance, it is required that the homebuyer take CHFA’s Homebuyer Education class and contribute at least $1,000 towards the purchase of the home. You can find more information about CHFA HERE.
Chenoa Fund
Chenoa Fund DPA offers 3.5% and 5% down payment assistance options specifically for FHA loans. They offer options that are both repayable and forgivable depending on what would be a better fit for your situation. Here are their qualifications:
There is no income limit listed for their programs
Must have a minimum credit score of 600
You can find this program across all of Colorado. It will really depend on whether or not your lender offers it, so make sure to shop around!
One benefit of using the Chenoa Fund is they offer 18 months of post-purchase counseling for homebuyers with all their programs. You can find more information about the Chenoa Fund HERE.
Want to learn more about how you can secure down payment assistance and start your home buying journey? Reach out today for a no-pressure home buying consultation!
