There are a number of entities that will help Colorado first time home buyers with either down payment assistance, closing costs or both. The key to getting this assistance is planning well in advance and know your options. Down payment assistance (DPA) can come from the state level, county level or city/town level.
In order to qualify for the assistance, you must be a “first time” home buyer, and your income cannot exceed a certain level. Keep in mind that a “first time” homebuyer is a buyer that has not purchased/owned a home in the last three years. Each DPA sets their own income levels. You must also, in most cases, complete a home buyer course and get your certificate. Some courses can be done online while others must be done in person. Courses can be limited each month, so reserve your seat early. Also, some DPA’s are running out of money. So getting into the class and knowing when you will be able to receive money is primary before spending too much time house hunting.
Bottom line is that if you are going to need DPA, then plan ahead and know how the system works. Getting together with a Realtor and a Mortgage Broker in advance will help you figure out who has the best assistance for your area and will help you plan and time your purchase appropriatley.
For a list of Down Payment Assistance entities in Colorado, please e-mail Adam at adam@5280HomeMarket.com.
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