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Down Payment Assistance

Down Payment Assistance

Down payment assistance seems to be a hot topic and there’s no surprise as to why. Unless you are living under a rock you are well aware of the growing population in the Denver metro area, and to no surprise, we did just get voted the #1 place to live in the US per U.S. News & World Report 2016 Best Places To Live, along with Colorado Springs #5.

With the gaining popularity in moving to Colorado, it has definitely impacted those of us who are renting because rents are in higher demand causing rent rates to increase. Market values are increasing so purchase prices are rising.  This has those of us who are renting starting to look into purchasing. The only problem is they don’t have any or little funds saved for a down payment. Which leads us back to why so many of you are looking for alternatives to help in purchasing a home.

The key item to remember about down payment assistance is that it does NOT cover all the funds needed to purchase a home.  The down payment assistance does NOT cover your earnest money.  It also does not cover your closing costs.  There are a few options for down payment assistance, some of which are in the form of a grant, which means you are not required to pay them back.  It is best to discuss options with a lender who is approved for ALL the down payment assistance programs available.  Down payment assistance helps and can definitely help you purchase sooner versus later but you need to know the facts, you need to take the time to research and you need to know you need to have some skin in the game, so to speak.  You need to have some money saved.  I strongly suggest if you missed our previous post on down payment assistance, I highly suggest taking a minute to read.

Ideally, I highly suggest reaching out to a lender who is approved with ALL the down payment assistance programs and ask them how they work and what is the qualification process.  Then again make sure that they are approved with ALL the down payment assistance programs because if you don’t you may end up needing to find a new lender. You want to know that you have all the needed options available to you.

If you have any questions give us a call or if you would like to see if you qualify, apply today.

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

NMLS Unique Identifier #1838215

Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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