Denver Metro Mortgage Information and Down-payment Assistance

 

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

 

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

 

We would be happy to refer you to some very good mortgage contacts we have in the Denver Metro Area, or to help you in any other way we can to secure the best possible rate for your home purchase. Get started on finding you the best Mortgage. 

 

Down Payment Assistance is Back!!!!

Good news has just arrived! The Colorado Housing and Finance Authority, or CHFA for short, has just announced that they are back with a 3% down-payment program in the form of a second loan. Before this program came out, a buyer who needed down-payment assistance could only do so if they purchased a HUD Home with the $100 Down-Payment Program. Now you can purchase any home with this program. Income, credit score, and other restrictions may apply.

 

Under this program a single-income buyer who makes $71,800 or less can take advantage of this great offer. Two-person income buyers must make a combined $82,500 or less to qualify.

 

Interest rates are low…homes in the Denver Metro area are at 2003 prices…you now have down-payment assistance…you can get up to a $8,000 First-time Homebuyer Tax Credit….what are you waiting for? We can even get your closing costs paid too!

 

To learn more about this program, call 303-904-1512 to speak with a Home Buying Consultant or email us at pelikantrealty@topproducer.com. 

 

 

2009 New FHA and Conventional Loan Limits for the Denver Metro Area

 

                                        Single Family        Two-Family 

 

FHA Loan Limits                    $406,250             $520,050 

 

Conventional Loan Limits      $417,000             $533,850

 

 

Required Down-Payment and Closing Costs

 

FHA requires a down-payment of 3%

 

Conventional requires a down-payment of 5%

 

Closings costs are usually 3% of the purchase price.

 

 

 

 

 

 

 

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.