Home Loan and Down Payment Assistance
Programs
metroDPA | metroDPA Social Equity | CHAFA | CHAC
Promoting homeownership in our community can help
build generational wealth, strengthen the Front Range and bring
stability to its residents. At the end of the day, everyone has to love
somewhere and for those who aspire to own a home and start building
equity for themselves instead of paying rent year after year and helping
their landlord pay their mortgage and build wealth, I am committed to
helping my community achieve the American Dream. There are several
programs available for Colorado residents who need help with a down
payment. Programs are typically split between Statewide and local
City programs and are basically regular fixed FHA and/or
conventional loans with an additional 2nd mortgage or grant to help
cover the down payment and in some cases closing costs. Some
programs offer grants which do not need to be paid back at all.
Having a decent credit score is very helpful but not always
required. Alternative credit such as rent, utilities and cell phone
bills can be used for individuals who lack tradition credit.
Homebuyers will typically be required to invest $1,000 up to 1% of
the purchase price and your family can also contribute "gift funds".
Promoting homeownership in
our community can help build generational wealth, strengthen the
Front Range and bring stability to its residents. At the end of
the day, everyone has to love somewhere and for those who aspire
to own a home and start building equity for themselves instead
of paying rent year after year and helping their landlord pay
their mortgage and build wealth, I am committed to helping my
community achieve the American Dream.
What is metroDPA?
Metro Down Payment Assistance (metroDPA)
is Colorado’s down payment assistance (DPA) program for
homebuyers throughout the Front Range. metroDPA offers a 30-year
fixed-rate 1st mortgage (FHA, VA, USDA, and Conventional loan
products) and provides assistance in the form of a 2nd mortgage
(30-year deferred) up to a percentage of the 1st mortgage amount
and can be used by
first-time & repeat homebuyers for home purchase or refinance.
Borrowers may also opt to receive down payment assistance equal
to a percentage of the note amount to apply toward the required
down payment, closing costs, prepaids or principal reduction.
The assistance is in the form of a zero percent second mortgage
with no scheduled payments. Borrowers may select a loan with one
of the multiple Down Payment Assistance options or a low rate
loan without assistance.
The metroDPA Program offers homeownership
throughout Colorado's Front Range with:
-
No minimum borrower investment
- you may be able to purchase a home with no money down.
-
Repeat buyers welcome
- program is available to first-time AND repeat homebuyers
for both purchases and refinances.
-
Assistance that helps build equity
- down payment assistance (DPA) is in the form of a 30-year,
second mortgage with a 0% interest rate
What is metroDPA
Social Equity?
Funding for this special financing program
expired in mid 2024.
Who is Eligible?
For metroDPA: Anyone making up to $210,150 per year with
minimum credit score of 640 are eligible for a home loan and
down payment assistance to purchase a home
throughout the greater Denver metropolitan area.
Is this FREE
assistance only available to first-time buyers?
No. This program is available to first-time AND
repeat homebuyers for both purchases and refinances.
Do I have to live in
Denver or buy a home in Denver to apply?
No.
The metroDPA program is available to qualified applicants so
long as the home they are purchasing is in any of these
Front Range cities and counties. Ask your lender about the
Denver Advantage program if you are buying a home in Denver
County.
Does this program
have any other requirements?
You must use a
metroDPA-approved lender to obtain a 30-year fixed rate home
loan (first mortgage) in order to receive down payment
assistance. The mortgage can be FHA, VA or USDA loan or a
conventional loan and will be determined in cooperation with
your lender. Not all mortgage lenders have the expertise to
navigate through this program. If you need to determine if your
lender is a metroDPA-approved or if you need
a referral to a local mortgage lender who is, please contact
Anthony Rael at 303.520.3179
What can the down
payment assistance funds be used for?
The
assistance may be used for the down payment required by FHA,
Conventional, USDA and VA loans. The assistance may also be used
for customary closing costs, pre-paids or principal reduction of
the home loan. The assistance funds cannot be used to pay
the difference between the sales price and appraised value (aka
"appraisal gap"), to pay down any borrower’s debt or any
portion of the real estate agent's compensation or any
scenario where the homeowner would receive any cash back.
Educational
Requirements
All borrowers (any primary borrower on the Note and/or Warranty
Deed) must complete a homebuyer education course. Courses are
available online or in-person. Refinancing of existing mortgage
loans is permitted within the program. There are NO purchase
price limits within this program.
I'm
interested in this program. What's
the next step?
Reach out to Anthony Rael at
303.520.3179 (text is fine) or use my
contact form to submit a request online. We'll talk
about your desire to become a homeowner and getting you started
on the pre-approval process with a reputable local mortgage
lender (see below) so you will know exact how much you can
afford and which program you may be qualified for.
Colorado Housing and Finance Authority (CHFA)
CHAFA Down Payment and/or Closing Cost Assistance Options
Homebuyers using one of our first mortgage loan programs to finance
their home purchase are eligible to use CHFA assistance options to
help with down payment and/or closing costs. Even if you contribute
towards a down payment, you may still use one of the options below.
Down Payment Assistance Grant
Up to the lesser of $25,000 or 3 percent of your first
mortgage
(Example: Get up to $6,000 on a $200,000 mortgage)
No repayment required, but a higher interest rate will apply
Second Mortgage Loan
Up to the lesser of $25,000 or 4 percent of your first mortgage
(Example: Get up to $8,000 on a $200,000 mortgage)
Repayment of loan balance deferred until certain events, such as
payoff of your first mortgage, or the sale or refinance of the
home, or the home is no longer your primary residence.
Colorado Housing Assistance Corporation (CHAC)
CHAC’s Mortgage Assistance Programs: Buying a home is a big step and
comes with many choices. However, figuring out how to secure the down
payment can be tough. This is where the Colorado Housing Assistance
Corporation (CHAC) comes in. They offer a range of Mortgage Assistance
Programs to help with the upfront financial part, especially for people
buying a home for the first time in Colorado. Here are the details of
these programs:
CHAC Statewide Program - Immediate Payback
Loan Amount: Up to 6% of the lesser between
sales price or appraised value, capped at $12,000.
Loan Range: Loans between $5,000 to $12,000, amortized over 360
months.
Interest Rate: A manageable rate of 3%.
CHAC Statewide Program -
5-year Deferral
Loan Amount: Mirroring the Immediate Payback
program with a cap of $12,000.
Interest Structure: A 5-year interest-free period followed by a
5% interest rate for the subsequent 25 years.
CHAC Disability Program:
Eligibility: Individuals with permanent
disabilities or those with a child with a permanent disability.
Loan Amount: A maximum of $10,000.
Interest Rate & Term: 0% interest rate, 1% APR for a term of 30
years with payment deferred.
* Common Features Across All CHAC Programs
* Income Eligibility: Comprehensive
evaluation of all income sources for all household members.
* Co-borrowing Regulations:
Non-resident co-borrowers or co-signers are not permitted.
* Property Eligibility: Excluding
properties tenant-occupied within 90 days prior to closing.
* Educational Requirements: Mandatory
First-Time Homebuyer class and Borrower Counseling Session prior
to closing.
These programs are carefully crafted to smooth your way into
home ownership while keeping your financial plan steady. It’s
more than just getting a loan; it’s about taking a
well-informed, confident step into your future.
Interested in any of these down payment
assistance programs?
Reach out to Anthony Rael at 303.520.3179 (text is fine)
or use my contact form to submit a request
online. We'll talk about your desire to become a homeowner and
getting you started on the pre-approval process with a reputable local
mortgage lender so you will know exact how much you can afford and which
program you may be qualified for.
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REMAX
Alliance - Denver |
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