Down Payment Assistance Programs
Down Payment Assistance
Fairway has access to multiple downpayment assistance programs at the state, county and city levels. Generally, filling out your initial loan application with my team is enough to get you access to the best program for you. WIth my guidance and the options I provide you, together we will decide what best program is for you. Here is the details on just one of the programs we have access to:
CHFA - Colorado Housing and Finance Authority
Fairway Independent Mortgage Corporation offers teh Coloraod Houseing and Finanace Authority (CHFA) down payment assistance (DPA) program, available for homebuyers living in Colorado. This program offers down payment assitance up to 4%.
Details of the program include:
- Conventional, FHA, VA and USDA loan options
- No First time homebuyer requirements on various programs
- Minimum buyer contribution of $1,000 - can be in the form of a gift
- Income and purchase limist apply
Use the downpayment assistance grant to:
- Save money up front by using the grant to assist with your down payment, closing cots and/or prepaids
- Receive up to 3% of your first mortgage (Example:Recevie up to $12,000 on a $400,000 mortgage) note: no repayment required on grant)
Use the 0% Second Mortgage Loan To:
- Receive up to 4% of your first mortgage (Example: Receive up to $16,000 on a $400,000 mortgage) note: Repayment of loan is deferred until you pay off your first morgage or sell or refinance the home. Repayment will also be required if the property is no longer being used as a primary residence.
We have multiple DPA programs available lets get talk about what situtaion works best for you!