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CHAC INCOME LIMITS MAC

Buyer must have a MINIMUM of $1000 into the transaction.

Does not need to be a First Time Buyer.

3% Grant for down payment or closing costs.

Most or all household members are included as part of the income restrictions.

Loans required to be submitted and approved by DPA authority.

Closing costs in general are more expensive with DPA loans.

MCC Programs: Mortgage Credit Certificates DPA Loan Pros - Cons:.

DCHP (Douglas County Housing Partnership).

CHAC (Colorado Housing Assistance Corp).

CHFA (Colorado Housing Finance Authority).

For scores below 720, payments will generally be higher.Ĥ) Down Payment Assistance (DPA) Programs:.

Lower Debt to Income (DTI) ratios of borrower.

Requires higher qualifying credit scores.

No upfront or permanent mortgage insurance (may still have some PMI).

Condition of property is less important to appraiser.

Slightly lower down payment - (3% vs 3.5%).

Generally have lower payments compared to FHA loans (with larger down payments).

More condo loans available through conventional financing options.

Pros and Cons of 'Conventional Loans' Vs FHA Loans:

Available as 15, 20, and 30-year mortgages.

No income limits apply if property located in an Underserved Area.

Income limits not to exceed 100% of area’s median income.

CHAC INCOME LIMITS MAC

No adjustment to interest rates for credit scores above 680.įreddie Mac 'Home Possible Advantage' Program: Loans not always subject to LLPA (loan level price adjustments).Allows for 'boarder' income w/5% down (must document a minimum of 9 month payment history).Most Denver-Area purchases are eligible for no-income limits on these loans.Allows for non-occupying co-borrowers, who can also own property separately.No need to be a First Time Buyer, but cannot own any other real estate at the time of closing.Consideration of part-time and overtime income (12-month history).Special features for public-safety workers (police, fire, healthcare) and teachers:.2-4 Unit properties are considered under the My Community Program with 5% down.Designed for first-time homebuyers with little or no credit history.Reduced mortgage insurance requirements.Fixed or adjustable rate loans available with interest-only options.Co-signors may not own other real property.3% down payment (if at least one co-borrower is a first-time buyer).Mortgage Insurance is dictated by the Loan-to-Value on down payments below 20%.

With 3% Down, the interest rates are typically higher to offset the lower down.Many now have a 3% down option to help first-time buyers.Most Conventional Loans start at 5% down.'Health and Safety' and 'Deferred Maintenance' items must be repaired.Subsequent use of VA benefit is a funding fee of 3.3% (refinance is.Borrowers with 10% or more service related disability are exempt from the funding fee.First-time use comes with a 2.15% Funding Fee (can be financed into the loan).Entitled vets are eligible to purchase with $0 down up to $458,850 in the Denver Metro Area.Scores below a 640 have lowered debt to income ratios - won't qualify as high.

Credit scores of 640 or above gives everyone the same rates.'Health and Safety' and 'Deferred Maintenance' items on house must be repaired.Upfront mortgage insurance is 1.75% of the base loan amount (financed into the loan).Condo communities must be on the FHA Approved Condo list. Will average 2 year history for a Self Employed Income, Bonus Income, Commissions & Tips.Gift funds from qualifying donors can be used towards down payment funds.

Down payment is 3.5% of purchase price.

Here's a brief look (and comparison) of all of the Denver-Area mortgage loan programs available to First-Time Homebuyers.įour Of The Most Common Mortgage Loan Programs: Denver-Area Mortgage Loan Programs Available To First-Time Homebuyers