DOWN PAYMENT PROGRAMS
-
Smartstep:
-
30-year fixed
-
FHA/VA/USDA
-
620 minimum credit score
-
Income limits do apply -- currently $148,120
-
Co-signors or non-occupant co-borrowers are not allowed
-
Grant:
-
3% towards the down payment
-
Do not have to pay it back
-
-
2nd Mortgage 0% interest:
-
4% towards the down payment and closing costs
-
Does need to be paid back when you either refinance or sell
-
-
Provide at least $1,000 to the purchase transaction from your own funds
-
Homebuyer Education required
-
Primary residence only
-
-
Preferred:
-
30-year fixed
-
Conventional
-
620 minimum credit score
-
Income limits do apply -- currently $94,240 in Denver Metro Area. (will change in other counties)
-
2nd Mortgage 0% interest:
-
4% towards the down payment and closing costs
-
-
97% LTV
-
Co-signors or non-occupant co-borrowers are not allowed
-
Provide at least $1,000 to the purchase transaction from your own funds
-
Homebuyer Education required
-
Primary residence only
-
-
No ownership interest in another property within the last three years
-
6% of lesser of the sales price or appraised value up to $15,000 (whichever is less)
-
Primary residence only
-
Full disclosure of all sources of income for all persons over 18 intending to occupy the home
-
Borrowers must contribute a minimum of $1500 of their own funds into the sales transaction.
-
Property must NOT have been tenant occupied unless the tenant is the buyer
-
INCREASED INCOME LIMITS
metroDPA:
-
don't have to be a first-time home buyer, but you can't currently own a home
-
Primary residence purchase only
-
Homebuyer Education required
-
FHA/VA Income limit - $176,700
-
only the borrower's qualified income is to be used
-
-
Conventional Income limit: $94,240
-
varies depending on the County
-
-
Minimum credit score -- 620
-
Max DTI -- 50%
-
Approve/Eligible or Accept/Eligible only
-
Limited 203(k) rehab loan allowed
-
3-year Forgivable 0% 2nd Mortgage:
-
2nd loans are not eligible for subordination
-
-
Conventional LTVs -- 97/105%
-
FHA LTVs -- 96.5%
-
Non-occupant borrowers not allowed
-
Funds can't be used for buydowns
-
No minimum investment required