Douglas County Down Payment Assistance for First-Time Homebuyers
All applicants must be first-time homebuyers as defined by HUD (those who have not owned a home in the previous three years) and preference is given to those currently living in Douglas County. Their income must be at or under 80% of the area median income for the county, and they must contribute at least $1,000 of their own money towards the purchase. The
Additionally, any program borrowers are required to occupy the home as their primary residence for a minimum of 10 years (subject to HUD affordability regulations). The property must meet HUD safety guidelines and the purchase price cannot exceed $401,000 ($433,000 for new build).
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.
Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.
First-Time Homebuyer Programs in Colorado
The Home Ownership Assistance Program of the City of Aurora offers first-time homebuyers financial assistance up to $10,000 with zero interest in order to help offset down payment and closing costs.
the Boulder County Down Payment Assistance Program provides down payment and closing cost assistance to first-time homebuyers purchasing a home in Boulder County, outside of the city limits of Boulder.
The Colorado Housing and Finance Authority (CHFA) offers eligible first-time homebuyer assistance through the CHFA Homeaccess program.
The Douglas County Housing Partnership program increases a buyer's purchase power by giving households the ability to borrow at a low interest rate.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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