As of this writing, there is a special program in Colorado that may provide you a grant, which is similar to a gift, of either 3% or 5% of your 1st mortgage total loan amount. This program is currently only offered through Academy Mortgage Corporation, which can be reached live at (800) 660-8664.
What is the grant?
The grant is handled similarly to a gift provided by a family member. The funds come from a non-profit organization that helps home buyers that meet their requirements. Based on your situation, you can receive either 3% or 5% of the 1st mortgage total loan amount.
Since it works like a gift, this money does not need to be paid back.
What are the requirements?
Please contact Academy Mortgage for current qualifications and details. As of this writing, the following requirements are in place:
Borrower income limits
- Larimer County: $87,170
- Weld County: $76,245
- Boulder County: $105,340
- VA 1st Mortgage
- Fico score of 640 or better
- Debt-to-income ratio of 45% or less
Is it a good time to buy instead of rent?
Oftentimes, mortgage payments are less than rental payments. If you have done well with your credit, you may be able to get into a home much more easily than expected. With programs such as this grant, the down payment requirements are greatly reduced.
Our office sells a lot of bank and institution owned homes, which can often be purchased at excellent prices. Here’s a few of our articles that may help:
You can also check our monthly market updates for the latest information
All of this comes together to provide a tremendous package on top of loan types that already provide assistance to home buyers. If you are currently renting, you owe it to yourself to talk to a lender, such as Academy Mortgage, to find out what you qualify for, what programs there are to help you out, and most importantly, if you could own a home instead of renting it!