Down Payment Assistance (DPA) helps reduce the monetary amount required to pay upfront when buying a home. The funds can come from a gift, grants, or low-interest loans. Many times these are funded at the federal, state, city, and county level and by charities with varying qualifications of eligibility.
There are several different DPA programs available, each with its own terms which include:
Depending on the type and source of assistance, and where the home is located, there will be unique sets of qualification requirements:
In addition, certain programs require first-time homebuyer status (although, FTHB status may be granted if three or more years have passed since ownership), homebuyer education may be required and credit score minimums apply.
In Colorado, homebuyers can take advantage of several DPA programs to help ease the burden of down payments and other closing costs.
Down payment assistance programs are great resources to help homebuyers enter the market sooner and to help save money over the life of a loan. At Spire Financial, our loan professionals are ready to assist with finding the best products to meet your mortgage needs.
Spire Financial (A Division of V.I.P. Mortgage, Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.
V.I.P. Mortgage, Inc. DBA Spire Financial does Business in Accordance with Federal Fair Lending Laws. NMLS ID 145502. For state specific licensing, visit www.vipmtginc.com/national-licenses/. V.I.P. Mortgage, Inc. is not acting on behalf of or at the direction of the FHA/HUD or the Federal Government. This product or service has not been approved or endorsed by any governmental agency, and this offer is not being made by any agency of the government. V.I.P. Mortgage, Inc. is approved to participate in FHA programs but the products and services performed by V.I.P. Mortgage, Inc. are not coming directly from HUD or FHA. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions may apply. This is not an offer to enter into an agreement. Not all customers will qualify.