Category Archives: Down Payment Assistance
06 DecNew Income Limits for Down Payment Assistance
Each year there HUD calculates Area Median Income (AMI) for the purpose of setting income limits for income restricted funding available to housing agencies. In some cases, these housing agencies offer down payment assistance for home purchases. HUD recently released the income limits for FY 2012 effective December 1, 2011. Here are the income limits [...]
Read More ...31 AugNext Round of Home Buyer Tax Credit is a Bad Idea
Coming from a mortgage lender you might expect that we would be hopeful, even anxious, about a new home buyer tax credit, right? Well, not us and here is why… Each time the government has announced a home buyer tax credit business increases temporarily. After the expiration of the tax credit the buyers seem to [...]
Read More ...18 AugCHFA Waives $500 Fee for Mortgage Credit Certificate
Colorado Housing and Finance Authority (CHFA) who offers the Mortgage Credit Certificate (MCC) in the state of Colorado is waiving their $500 administration fee for qualified programs and target areas. Effective with all CHFA MCC reservations made on or after August 16, 2010 CHFA is waiving the $500 MCC administration fee for all MCCs issued [...]
Read More ...03 AugTax Credit Available to First Time Home Buyers Again
Colorado Housing and Finance Authority’s (CHFA) Mortgage Credit Certificate (MCC) Program is back! (wow that was a mouthful). Unlike the one time $8,000 tax credit provided by the Federal Government to stimulate home buying in 2009 and 2010, this tax credit keeps on giving. The MCC program is available to: first time home buyers non-first [...]
Read More ...29 JunGreat CHFA Changes
We just received notification from CHFA about a few changes to their program that will help even more people qualify for down payment assistance. Here are the changes: Income limits are now based on two buckets (1-2 Person Household & 3+ Person Household) Higher income limits in targeted areas First time homebuyer restriction removed for targeted [...]
Read More ...12 FebIs it Double Dipping?
On February 17, 2009, in Denver, President Obama signed the American Recovery and Reinvestment Act (ARRA). This bill had substantial changes to the federal First-Time Home Buyer Tax Credit, including eliminating the 15-year repayment obligation of the Borrower which was part of the 2008 Housing and Economic Recovery Act (HERA). However, and most pertinent, Section 1006 [...]
Read More ...05 FebWhy Buy Now?
We generally write about specific programs, changes and situations, but I want to recap some of the thingsI feel are important to consider in today’s market. Let’s look at the reasons to buy now. Long term mortgage rates are at 20-30 year lows According to Freddie Mac, in a press release yesterday, the average rate on a 30-year fixed [...]
Read More ...01 FebFannie Mae Announces 3.5% Seller Assistance
Fannie Mae released the news on January 28, 2010 that they are offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on the HomePath website that are closed within this period may receive up to 3.5% of the [...]
Read More ...01 FebCHFA FirstStep NOW Available
On January 28 we first told you about CHFA’s FirstStep and FirstStep Plus programs that were going to be available February 1, 2010. It is now February 1 and we wanted to let you know the details of the program. CHFA FirstStep Through the sale of non-taxable mortgage revenue bonds, CHFA is able to offer [...]
Read More ...28 JanCHFA Changes
Colorado Housing and Finance Authority, commonly known as CHFA, has made a few notable changes we wanted to make sure our readers were aware of. FirstStep & FirstStep Plus No Gifts Allowed for Minimum Contribution No Cosigners Allowed Non-Traditional Credit Must Be Added to Credit Report Risk Score Card No Grossing Up Income 1. FirstStep [...]
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