How To Buy A Colorado Home With A Low Down Payment How To Buy A Colorado Home With A Low Down Payment

How To Buy A Colorado Home With A Low Down Payment

Monday, November 05, 2012

How To Buy A Colorado Home With A Low Down Payment

Buying a Colorado Home with a low down payment Buying a Colorado Home with a low down payment

Colorado Housing and Finance Authority (CHFA) announced a new mortgage product designed to help Colorado homebuyers with excellent credit scores avoid having to make a twenty percent down payment in order to escape costly mortgage insurance fees. The program, called CHFA Advantage, will reward first time Colorado Springs homebuyers with credit scores of 700 and above for their strong track record of financial responsibility.

Mortgage insurance is typically required for homebuyers who are unable to make a 20 percent down payment towards the purchase of their home, regardless of their credit score. The mortgage insurance protects the lender should the borrower default on their loan. On average, mortgage insurance costs borrowers between $100 and $200 each month. It is paid as part of their mortgage payment until they accrue 20 percent equity in their home. With CHFA Advantage, borrowers can avoid the mortgage insurance costs, while only being required to make a three percent down payment. For example, with CHFA Advantage, the down payment on a $150,000 home would be $4,500. In the same scenario without CHFA Advantage, borrowers would have to pay $30,000 down in order to avoid mortgage insurance.

CHFA estimates that CHFA Advantage will help 800 Colorado households in 2012 and 2013. For every 100 households served, $20.5 million in direct economic impact will be created and 104 jobs will be supported.

To be eligible for CHFA Advantage, borrowers must:

  • Be a first time homebuyer, eligible veteran, or non-first time homebuyer purchasing in a targeted area

  • Have a minimum 700 credit score

  • Meet qualifying income and home purchase price limits

  • Contribute at least three percent of the loan amount towards their down payment

  • Complete a CHFA-approved homebuyer education class

If you are interested in getting more information because you are buying a Colorado Springs Home , please contact us below or call Travis at (719) 244-3645

Thank you and sincerely,

Turner Associates | Colorado Springs Realtors

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