Understanding "Free" Government Funds For Colorado Real Estate
Everyone would love to think they are getting the best deal from their lender when they buy a home. Truth is --- it's more like a game of monopoly where you land on Boardwalk and try not to pay that person the $50 rent! The money is there, but it's all about timing, your knowledge of the government programs, and if the lender is even able to process those programs!!
For example, the most powerful and widely used program in Colorado is called CHFA. (CHFAinfo.com). They offer many programs that deal with down payment assistance, interest rate reductions, and closing cost assistance. They also offer something called a Mortgage Credit Certificate: a small tax break!
Using CHFA is easy. Finding a CHFA lender, however, is like finding a restaurant that offers Pepsi instead of Coke. Not all lenders have CHFA, so be sure to check the Participating enders list for more information. There are 3 types of CHFA programs: Advantage, Preferred, and SmartStep. Each one has a unique product to offer, but the main difference is that it's based on your credit score. There are income limitations as well, so make sure you are making under $56,000 as an individual or $76,000 as a couple before thinking of applying. (you can apply as an individual even if you are married!) Some income limitations are higher in "targeted areas" around Denver. The limitations increase by $20,000 just so they can encourage growth in certain sections of town. Go check out the Targeted Area Map at CHFAinfo.com
As far as the program! The main advantage of CHFA is down payment assistance and no mortgage insurance. Imagine getting that 3.5% down payment you've always thought you couldn't afford. It's possible. Go sit for one of their classes and find out how. Getting the finances to purchase a house is not difficult, the hardest part is actually taking the steps to make your dream a reality. Go check out your options on CHFAinfo.com, or shoot me an email at DChisholm125@gmail.com. They/I can help you get started on the right path!