DOWN PAYMENT ASSISTANCE

Down payment assistance can help a buyer who is ready to buy but has limited funds saved for a down payment. However, this may not always be the case. It may also be needed when you are looking to hold on to your hard-earned savings and leverage your savings by not liquidating all of it for a down payment on a home.

 

These down payment programs range from grants to loans. First, understand that a grant is just that! A down payment loan does have to be paid back. However, if a down payment loan is what allows you to buy versus waiting, do it!

 

In entertaining buying a home with down payment assistance you want a consultation to learn the positives and negative aspects to weigh which option is right for you. Allow us to lend a hand educating you on what option is right for you. Please note these programs do you want you to have $1,000 invested into the buying process.

Awesomeness

  • Doesn’t require you are a first-time buyer!
  • Minimum credit scores apply
  • Yes, there are debt ratio & income restrictions
  • 3% grant for conventional loans
  • 5% grant for FHA/ VA and USDA mortgages (Statewide)
  • Aurora HOAP, CHAC, DCHA, ACHA & much more

 

Please note that down payment assistance (DPA) grant programs are not separate funds, they are your loan program (FHA 30yr fixed, there is also a Conventional option please call to discuss).  In order to qualify you, you’ll need to get pre-approved with a lender who is approved with these programs. If you know you will need or would like to have the option for a down payment assistance program you will need to ask your current lender if they are approved and can offer any DPA programs, if they are not then it would be advisable not to submit a loan application and have your credit pulled. Again, you will need to work with a DPA approved lender. It would also be highly advisable that they are not only approved with one DPA program but multiple because if you are unable to fit and/or qualify for a program you will have other options without needing to change lenders.

 

Mortgage Maestro Group works with Aurora HOAP, CHAC, and CHFA. Mortgage loans can only be made within the incorporated areas of: (It is the lenders responsibility to make sure the property is incorporated).

The City and County of Denver

Mortgage loans can only be made within the incorporated areas of Participating MMA cities:

City of Arvada
City of Aurora
City of Boulder
City of Brighton
City of Broomfield
City of Centennial
City of Dacono
City of Edgewater
City of Englewood
City of Golden
City of Lakewood
City of Littleton
City of Parker
City of Sheridan
City of Thornton
City of Westminster
City of Wheat Ridge
Town of Bennett
Town of Firestone
Town of Castle Rock

Mortgage loans can be made within the unincorporated areas of these counties:

Arapahoe
Boulder
Jefferson