Did you know that the City of Longmont offers a Down Payment Assistance Program?
This program offers up to 8.5% of the purchase price (or up to $15,000) to be used towards a downpayment as well as closing costs! Housing must be in Boulder County, yet outside of Boulder City Limits. Currently funds are not available for Broomfield either.
Now, this is a low interest loan and not “free money”, so keep that in mind. For those that earn 51-80% of the AMI or “Area Median Income”, the loan is at 3% and amortized over 10 years. For those households that earn below 50% of the AMI, this deferred loan with no monthly payments is at 4% simple interest and the full amount (principal and interest) is due at the sale, change or ownership or refinancing of the property.
Keep in mind that there is an application process to go through as well as a few other requirements, one of which being a homeownership and budget class put on by the city. Once approved for the program, we then work to find a suitable residence.
This can be a great way to open up the world of homeownership! With interest rates as low as they are, and a down payment assistance loan at 3% or 4%, the dream may be closer than you realize.
Feel free to contact me if you have further questions about his program or if you would like me to attend a class with you!
| Boulder County Income Limits | ||||||
| Household Size | 1 person | 2 person | 3 person | 4 person | 5 person | 6 person |
| Maximum Income (This is the 80% figure) | $44,800 | $51,200 | $57,600 | $64,000 | $69,100 | $74,250 |
| Maximum Income (This is the 50% figure) | $31,200 | $35,650 | $40,100 | $44,550 | $48,100 | $51,700 |
0 comments:
Post a Comment