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 offers 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 rate mortgage.
- You DON’T have to be a first time home buyer.
- Your magic number: 640 Minimum 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 (719) 321-0800 or click the picture below to schedule your FREE Q&A Call with me to learn more.