So you think you want to buy a home. You have a good job and reasonably good credit but you don’t have the 3.5, 5%, or 10% down payment that is required in order to purchase these days. You’ve heard rumors about different down payment assistance programs (DPA) and how you can get in for as little as $100 or $1000. Those programs are myths or urban legends correct? Or those programs are designed to help only the under-served, the homeless, and the people who fall below the median income in this country……right? THINK AGAIN!
DPA is designed for one thing, to assist buyers in being able to purchase a home with very little money out of pocket. Are there some income restrictions and geographic restrictions? There can be but for the majority of first time (and some second time) home buyers in Colorado, DPA is available for the taking. You simply need to ask and work with a lender that handles these types of programs. If your lender serves this market, you will find it very easily.
In Part 2 of this series we will talk about the factors that determine the qualifications for down payment assistance and in Part 3 we will talk about the specific agencies and types of assistance available in Colorado and the Denver Metro area.