Downpayment Assistance

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

NEWSED Community Development Corporation will provide down payment assistance and closing cost to eligible buyers in the form of a second mortgage loan. This assistance can be used for down payment, closing costs, principal reduction or interest buy down.

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

Program Details:

  • Loan Amount: Up to $6,500 base on need
  • Property must be located in the Denver Metro Area: (Adams, Arapahoe, Broomfield, Denver, Douglas and Jefferson).
  • Property inspection is required. The property must be in a decent, safe and sanitary condition.
  • Borrower and Co-borrower must be a first time homebuyer
  • Income limits: Borrowers household income must be under 80% of AMI. (please review income limits chart)
  • Borrower cash investment: Conventional Loans $1,000.00 of their own funds, FHA Loans 3.5% of their own funds or other funds coming form CHAC of CHFA
  • First Time Homebuyer Class required
  • The borrower must be Legal Resident or US Citizen
  • 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 exceeding 95%

Household Size                       Maximum Household Income

1                                                                           $47,000

2                                                                           $53,700

3                                                                           $60,400

4                                                                           $67,100

5                                                                           $72,500

6                                                                            $77,850

 

For more information please contact Mercedes Fuentes, Housing Counseling Program Manager at 303-534-8342 x 124 or by email at mercedesfuentes@newsed.org OR Michelle Mitchell at 303-572-9445 x16

 

 

 

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