Premier Mortgage Dana Briganti Guest Post
Hello, my name is Dana Briganti. I am a mortgage lender with Premier Mortgage Group in Boulder. I’ve been in the mortgage industry for several years. I have a deep knowledge for all things mortgage related including down payment assistance programs for Boulder County residents. Bob Gordon has invited me to highlight two of the best HomeBuyer assistance programs for you today: CHFA and NHF.
Conversation Leads To Blog
Bob and I were discussing the difficulty many Boulder County home buyers are experiencing today, especially saving money for a down payment. There is a misconception that you need to have tens of thousands of dollars saved for a down payment. With the excellent Homebuyer assistance programs out there, you don’t. In fact, Colorado was just ranked by MSN to be 4th in the country for states offering help when buying your next home.
Boulder CHFA and NHF HomeBuyer Assistance Programs
I’d like to highlight two Boulder County down payment assistance programs in particular, CHFA and NHF. Please know these programs are not limited to Boulder County residents; each is offered statewide.
CHFA stands for Colorado Housing and Finance Authority. It is an organization offering down payment assistance in the form of a grant. The 2 most significant guidelines are the income cap (for Boulder County) of $96,800 annual household income, and a max loan limit of $417,000. These income limits can vary per county so be sure to check with your lender for details.
First, we double check that your income and loan amount are within the limits. Plus that you meet standard lending guidelines with regards to credit, and employment history. Provided all is a go, you would potentially be eligible for conventional or FHA financing. Best of all, you will receive 3% of the loan amount to be applied towards your down payment.
The minimum down payment for a conventional loan is 3% and for FHA, it’s 3.5%. Additionally, CHFA offers premium pricing (increase in rate) to help cover some closing costs as well.
Boulder National Hombuyer Fund
NHF (National Homebuyer Fund) is the 2nd Boulder County down payment assistance program I’d like to highlight. This program offers a higher income cap in Boulder County, $114,310 max household income, with the same $417k max loan limit. The higher purchase limit is especially popular as HomeBuyer assistance programs go.
While NHF offers Conventional and FHA financing, it is my professional opinion, that this program is best when used with FHA financing. NHF’s home buyer assistance program is in the form of a grant up to 5% of the loan amount. The interest rates for NHF are lower than CHFA’s, but does not offer premium pricing for assistance with closing costs.
Choosing a down payment assistance program is very specific to each house buyer’s particular financial situation. When discussing these programs with your lender, it’s important to know that these programs often come at a higher cost with regards to interest rate and closing costs. I welcome anyone to please contact me to discuss how you might qualify for a Boulder County down payment assistance program.
Get In Touch With Mortgage Expert Dana Briganti
A big thanks to guest blogger and home mortgage consultant Dana Briganti at Premier Mortgage. Questions about these home mortgage programs or the HomeBuyer assistance programs? Get in touch with Dana directly at 303.302.3851 direct or online or email her today: dbriganti@pmglending.com .
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