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Down Payment Assistance For First Time Home Buyers In Denver

Buy your first home for as little as $1,000 down. Please call (303) 222-0027 or e-mail contact@firsttimehomebuyersdenverco.com for more info and a free list of first time home buyers loans.

Home ownership may just be easier than you think!

There are some amazing down payment assistance grants and programs available for first time home buyers in the Denver metro area. There are also closing cost grants and programs.

When you combine a down payment assistance grant and/or a closing cost grant with an FHA loan (which typically only requires 3.5% down) you might be able to purchase your first home with little or even no money down!  We can also talk about your options with a conventional loan or even a VA loan.

Below are some of the down payment assistance programs available here in Denver.

Metro Mortgage Assistance Plus Down Payment Assistance Programs
The Metro Mortgage Assistance program is a special grant program for low to moderate income buyers. It helps with down payment and closing costs of up to 4% of the loan. You don’t have to pay back this down payment grant. Your income has to be less than $96,120 for a household of one or two people. You need to have a FICO credit score of 640 or higher and a maximum debt-to-income ratio of 45% or less (this includes your new mortgage payment, plus all of your other debt, such as student loans, credit card debt, car loans, etc).

Under this down payment assistance program, you can purchase a condo, loft, townhome, duplex, or single-family house.

The property can be located in just about any part of the Denver metro area, including: Denver, Arvada, Aurora, Littleton, Broomfield, Englewood, Lakewood, Littleton, Sheridan, Thornton, Commerce City, Westminster and Wheat Ridge.

CHFA Down Payment Assistance Programs
The Colorado Housing and Financing Authority (CHFA) offers a variety of programs that can assist first time home buyers. They have down payment assistance grant, for up to 3% of your first mortgage loan. This money never has to be paid back! So, if you’re borrowing $200,000, they could give you a down payment grant of $6,000.

In Denver County, one or two borrowers can make up to $80,100 per year and still qualify for the down payment grant.

CHAFA also offers a closing costs assistance grant, which will cover closing costs of 1% or 2% of the amount of your loan. So, if you’re borrowing $200,000, they’ll pay $2,000 or $4,000 toward your closing costs.

CHAFA offers five different types of loan programs, with required credit scores starting at just 620.

HUD Down Payment Assistance Programs
The Housing And Urban Development Authority (HUD) partners with local cities and towns to offer a variety of programs designed to help first time home buyers. For example, a HUD program in Aurora offers down payment assistance of up to $10,000 for first time home buyers.

DHA Down Payment Assistance Programs
The Denver Housing Authority (DHA) offers a variety of assistance for people who are currently living in DHA properties. This assistance includes: money management classes, credit repair, matched savings for home ownership (they will match your savings up to $1,500). They also offer: down payment assistance, closing costs assistance, and reduced interest rates on loans.

Mortgage Company And Lender Down Payment Assistance Programs
We also work with a number of mortgage companies and lenders who have access to closing cost assistance and down payment assistance programs for first time home buyers.

It’s important to note that all of these down payment assistance programs for first time home buyers are only available for primary residences. You must occupy the property that you buy, on a full-time basis. It can’t be used as a second home or a rental property.

For more information on down payment assistance grants and programs in Denver or to start looking for a home, please call (303) 222-0027, or e-mail contact@firsttimehomebuyersdenverco.com.

Please note: Whether you are ready to buy a home now, or a year from now, we’d love to offer you a free consultation. We can narrow down which types of properties you like and which areas of Denver you’d prefer to live in. From there, we can set you up on free e-mail alerts, so that you an keep an eye on what’s going on in the Denver real estate market.