GRANT $$ – NO REPAYMENT
With the recent sequestration still in all our minds, it seems odd that El Paso County would offer down payment assistance GRANT (meaning YOU DON”T HAVE TO REPAY THIS) of 4% of your mortgage amount. Pretty sweet, eh?
The program is called Colorado “Turnkey” Mortgage Origination Program
==>Getting pre approved makes you a powerful buyer AND you learn with how little you actually need to finally buy your dream home.
So whats the catch?
Well, there are requirements, of course:
The offer stand for : FHA, VA, USDA
Assistance based on note amount
Can only be used for down payment and closing cost/prepaids
Recently the rate on this loan was set at 3.75% but this is subject to change
30 year fixed
You DON’T have to be a first time homebuyer
Your magic number: 640 Minimum mid credit score, 660 for manufactured homes (!)
If you don’t have a credit score: Alternative Credit Allowed (no fico scores)
45% maximum Debt to Income ratio
Must be used as Primary Residence
No federal Tax return requirement
New or existing home
$283,000 maximum loan amount
$89,900 max income for 1-2 persons
$103,700 max income for 3+ persons
$510 fees from El Paso County
Manufactured Housing permitted
Only certain lenders offer this program – call me and I’ll be happy to send you contact information