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DOWN PAYMENT PROGRAMS

CHFA

  • 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

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CHAC:

  • 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

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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

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