First Time Home Buyers Assistance
Colorado Springs First Time Home Buyer Assistance Programs
We don’t think that saving for a down payment should be the reason you put your dreams on hold. We can help you buy your dream home with very little down. You’ll not only be able to afford a home sooner, you’ll probably be able to afford more home. With these programs, the amount of loan you can qualify for is determined by your ability to make your monthly payments rather than how large a down payment you’ve saved. And, for most buyers, this means qualifying for a larger loan.
CHFA Loans
CHFA Loans
CHFA Loans are a great way for 1st time home buyers and repeat buyers to purchase a home. CHFA Loans are provided by the state to assist buyers with their down payment requirements. The down payment assistance takes the form of a small second mortgage of 3% of your approved loan amount and is repayable over 30 years. The down payment is These loans have very competitive interest rates and have limits on the fees that you are allowed to pay.
In order to qualify you must be approved for an FHA loan and complete a HUD approved first time home buyers course or money management course if you are a repeat buyer. CHFA also requires that you have a minimum investment of $1000 in the transaction. Credit requirements are a little more lenient than conventional or FHA mortgages and CHFA also allows for nontraditional credit. Not all lenders are approved to do CHFA Loans and we take great pride in our blessing from CHFA to provide home owners with these types of home loans.
CHFA Highlights-
- Down payment and/or closing cost assistance
- Non-First time home buyers are acceptable
- Only $1000 minimum contribution is required
- Minimum acceptable credit score 580
- Can be combined with and FHA 203k renovation loan
- Manufactured homes accepted
El Paso County Bond
If you're lucky enough to live in the county of El Paso we have a down payment assistance grant available for 1st time home buyers. The program is very similar to CHFA but instead of a small loan you get a true grant that you never have to pay back. That's FREE money to buy an new home! Funds are limited and the program ends in November of 2011. Standard FHA underwriting guidelines apply but if you qualify you should definitely take advantage of this excellent opportunity to be a homeowner!
El Paso County Bond Highlights-
- NO minimum monetary contribution required
- Non-First time home buyers accepted in designated census tracts only
- Limited funds available
- Expires November 2011
- Verifiable rental history required
- Minimum acceptable credit score 620
Quick Quote
