Downpayment Assistance

Program Details

• Loan Amount: Up to $10,000 based 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 meet with a decent, safe and sanitary condition.
• Borrower and Co-borrower must be a first time home buyer
• Income Limits: Household 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 (CHFA approved including Ehome) NEWSED also conducts classes.
• The Borrower must be legal resident or citizen of USA
• Debt to income ratios must be 45/50%
• 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.
• Borrower must attend a Borrower Counseling Section (Pre-Purchase Meeting).
• Based upon the Borrowers need for assistance with closing cost – no cash back from transaction.
• Rate will be prime + 3% deferred fixed.
• Terms offered: 60, 84, 120 – deferred payments start on the 13th or the 25th month on the loan depending on the approval.

For questions or more information, please contact:

Terry Trujillo
303-534-8342 x 124

Veronica Acosta
303-534-8342 x133

Claudia Ortega
303-534-8342 x102

Bianey Castro
303-534-8342 x 108

AMI CHART