The NHF Platinum program in Colorado is no longer available as of the date of this article (July 2019). However, there are many down payment assistance programs that have taken it’s place, which are outlined below!
Colorado Housing Finance Authority (CHFA)
CHFA is the largest down payment assistance organization in Colorado. CHFA offers a wide variety of down payment assistance programs to include grants, and “silent” 2nd liens. Grants never have to be repaid, and silent 2nd liens do, but are called silent because they are a lien on your home that has no payment and doesn’t accrue interest.
Why would you want to take on a 2nd lien when you could instead have a grant and not pay it back? The reason is that there are higher amounts available for assistance with the 2nd lien option, and also your interest rate on the primary mortgage is lower than with a grant loan.
Programs are available for both first time home buyers and non first timers, and there is also a wide variety of primary mortgage products that CHFA offers.
Available primarily in the Denver Metro area, Metro DPA has many of the same products and features as CHFA, but in a smaller geographic area. Metro DPA has also been around for many years and offers higher assistance amounts than CHFA, but slightly stricter qualifying standards.
Local Down Payment Assistance programs
Some counties and municipalities have down payment assistance programs. These programs have varying qualifying standards and funds can sometimes be limited.
$0 down payment options
Another way to buy a home with little or none of your own money is through a 100% financing program. There are two available today, VA loans and USDA loans. VA loans are for Veterans and active duty military personnel, and USDA loans are designed to finance residential housing in rural areas and small towns. You can find out more about these popular programs by visiting the pages on our site.
Call us to see which programs you may qualify for. It doesn’t cost a penny to call! RJ Baxter, Fairway Independent Mortgage Corp, 303-670-0137 or email!