NEWSED Community Development Corporation
Down Payment program policy and procedures
NEWSED CDC Down Payment Assistance is provided to a low to moderate income first-time homebuyers by assisting with a portion of down payment and closing costs associated with the purchase of a home.
- The applicant’s debt-to-income ratio, including housing cost, cannot exceed 45% of household income, as determined by HUD.
- The applicant must demonstrate need for the funding and have no more than $10,000 in liquid assets.
- The applicant must have attended a one-on-one counseling session and completed a homebuyer education class presented by a HUD-approved counseling agency.
- The aggregate household income of all residents who will reside in the home must be at or less than 80% of Denver Area Median Income (See chart below).
- For an FHA-insured loan the applicant must contribute a minimum of 3.5% of the sales price toward the purchase of the home. For conventional loan, the applicant must contribute $1,000 toward the home purchase including earnest money.
- The applicant must occupy the property as a primary residence.
If you have any question or would like more information please contact
Veronica Acosta at 303-534-8342 ext 133
|Family Size||Non-Federal IDA Limit
(80% of AMI)