Tips For Down Payment Assistance & Low Money Down Options
One of the primary pieces of advice that mortgage advisors typically offer involves the importance of a down payment. The more you are able to put down up front, the less you’ll be paying in the long run on interest fees accrued. Although, this may be intimidating at times. Not everyone feels as though they can make a large enough down payment, or reach the 20% they often hear is the minimum. With that being said, today we’re tackling how to receive down payment assistance. And yes, that is a thing.
It’s important that we establish the 20% minimum down payment myth as just that, a myth. When it comes down to it, the individual who is most impacted by the size of their down payment is you. If you’re comfortable with 10 or 15 percent, then that’s great and your loan officer will happily make that work for you. If you’re able to do 25 percent, then that’s great too! The bottom line is this- no matter the size of your down payment, your loan officer will be able to find a mortgage that is just right for you.
Now to get into the nitty gritty. There are down payment assistance options available in Colorado that will grant you up to 4% for a down payment which does not need to be repaid! There are some requirements on your minimum credit score, income limits and a homebuyer education class in order to qualify. We also have several low money down options available as well.
As always, it is important to speak to your loan officer before taking any action, as they know the process better than anyone else. Not only that, but they may be able to offer you a better route for overcoming your down payment concerns. Reach out to your loan officer today if you’re interested in Down Payment Assistance or low money down options!