Downpayment Assistance

Down Payment Assistance available for buyers purchasing in the Denver Metro Area

 

NEWSED Community Development Corporation will provided down payment     assistance and closing cost to eligible buyers in the form of a second mortgage loan.

This assistance can be use for down payment, closing cost, principal reduction and interest buy down.

 

Borrowers must meet with NEWSED to reserved funding once under contract at least Three Weeks before closing

Program details:

  • Loan Amount: Up to 8,000 base on need
  • Property must be located in the Denver Metro Area: (Adams, Arapahoe, Broomfield, Denver, Douglas and Jefferson).
  • A property inspection is required. The property must met with a decent, safe and sanitary condition.
  • Borrower and Co- borrower must be a first time home-buyer
  • Income Limits: House hold income must be under 120% of AMI (please review income limits chart).
  • Borrower cash investment: Conventional Loans $1,000.00 of their own funds, FHA Loan 3.5% of their own funds or other funds coming from CHAC or CHFA.
  • First Time Home Buyer Class is required
  • The Borrower must be legal resident or citizen of USA
  • Debt to income ratios must be 35/45%
  • The property under contract must be owner occupied or vacant.
  • The program requires that homes purchased with assistance have a purchase price not to exceeding 95% of the median purchase price for the area.

For more information please contact: Mercedes Fuentes 303-534-8342    x 124

Income Limits
Family Size 120% of AMI
1 $70,560
2 80,640
3 90,720
4 100,680
5 108,840
6 116,880
7 124,920
8 132,960