So here we are rolling towards 2015 and tonight I received a notice of new down payment assistance grants that are coming online. You may have heard of CHFA (Colorado Housing and Finance Authority) before. So you may be surprised to learn that they are issuing new down payment grants.
Don’t be confused, when you call a lender to get any of these grants, they have to be an approved provider of the down payment grant program. But what that means is you have to work with this mortgage company to get your mortgage in order to also get the down payment grant. It is not a stand alone grant! If you are getting pre-approved for a mortgage you need to discuss grant options upfront. It is best to arm yourself with a lender that can provide all options available to you so there is flexibility in providing the right program for your qualifications.
These grants will be:
- be in the amount of 3% of the first mortgage loan, and
- assist with down payment, closing costs, and/or pre-paid escrows/interest
The loan programs will be:
- Conventional, FHA, VA, and USDA (Rural)
- Have mortgage insurance
- 30 year fixed rate mortgages
- low monthly mortgage insurance
- can be used with the mortgage credit certificate (tax credit)
The anticipated availability of funds is set to be February 2, 2015 so make sure to reach out now to get pre-approved!
Happy Holidays Colorado!
& The Mortgage Maestro Group at Summit Mortgage