Guest Blog By Brian Crowder
Brian Crowder (Branch Manager, LMB100011235, NMLS292479 of the Affiliated Financial Group) shares an important update today regarding 0 down mortgage option for Boulder Colorado. This program is even better than Chafa!
PROGRAM FUNDS are available on a first-come, first-served basis from a continuously funded revolving pool. RESERVATIONS/Locks are OPEN on business days from 8 AM to 6 PM Mountain (10 AM – 8 PM Eastern). Everything else involved with this 0 down mortgage program is available 24/7.
ELIGIBLE AREAS
0 down mortgage loans can only be made within the incorporated areas of: (It is the lenders responsibility to make sure the property is incorporated):
City and County of Denver and incorporated areas of: City of Arvada, City of Aurora, City of Boulder, City of Brighton, City of Broomfield, City of Centennial, City of Dacono, City of Edgewater, City of Englewood, City of Golden, City of Lakewood, City of Littleton, City of Parker, City of Sheridan, City of Thornton, City of Westminster, City of Wheat Ridge, Town of Bennett, Town of Castle Rock.
Additionally, 0 down mortgage loans can be made within the unincorporated areas of: Boulder and Jefferson Counties.
Brian Crowder’s Contact Info
Brian shared a good deal of technical info on the 0 down mortgage. I’m including it here, though I would recommend contacting Brian Crowder:
- (303)243-3919 direct
- (303)444-1545 ext 102
- brian@crowder.com
Technical Details of 0 Down Mortgage
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY: Must complete Underwriter Certification by 15th day
- Reservation to UW Certification: 15 days
- Reservation to Close: 45 days
- Reservation to Loan Purchase: 70 days
EXTENSIONS • Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension. Extensions are not granted to extend the 15 days from Reservation to UW Certification. If that is not met, the loan will be cancelled.
ELIGIBILITY CRITERIA
- No First-Time buyer requirement
- Must be Principal Residence
- Must occupy within 60 days of closing
ELIGIBLE LOAN TYPES • FHA, VA
This program is designed to work specifically with VA and FHA mortgages. There are no options for Conventional loans or USDA. It is important to remember that (1) DPA • Assistance is 4% of the Note amount and (2) the assistance is a grant, no second mortgage or note. DPA Funds are requested prior to closing.
INCOME LIMIT CRITERIA
Household income = 1003 Credit Qualifying Income (do not include the co-signor’s income)
- 1 or 2 Person Household: $91,100
- 3 or more Person Household: $103,000
Additionally, there is a required education course for home buyers. FICo mid scores must be 640 or higher. Debt to income is allowed a maximum of 45% ratio. Co-signers are allowed for FHA 0 down mortgages — with special limitations – see Brian.
Folks, I could add more of the technical mumbo-jumbo, but the important take away here is simple. 0 down mortgages are once more a viable option for home buyers. Now is a great time to reconsider owning versus renting.