Attention Future Home Buyers

Dated: 02/10/2016

Views: 602

Are you considering buying a home but don’t have much saved for a down payment? Don’t be disappointed! The Colorado Housing and Finance Authority  announced a new mortgage product designed to help homebuyers with excellent credit scores avoid having to make a 20% payment in order to escape costly mortgage insurance fees. If you have a minimum credit score of 680, you will only require only 3 percent down and the best part of it- NO Mortgage Insurance!!

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Mortgage insurance is typically required for homebuyers who are unable to make a 20% down payment regardless of their credit score. MI protects the lender in case the buyer defaults on their loan. ON average MI costs are $100-$200 each month. It is paid as part of your mortgage payment until you have accrued 20% equity in your home. This program will give you the opportunity to avoid MI with only 3% down.

Another great thing about this program is that you don’t have to be a first time home buyer to qualify.

To be eligible you must:

  • Complete a CHFA- approved home buyer education class

  • Have a mid credit score of 680

  • Contribute a 3% down payment

  • Meet Income limits

Some of you might be currently renting but might consider buying in the near future. If you are worried that you don’t have enough money saved for a large down payment, don’t hesitate to contact for details and consultation. I will pair you with a knowledgeable and experienced lender who will go over the details of this great program that will allow you to buy your next dream home.

Lily Ovrutskiy uses her 10 years of experience to help her clients achieve their goals in the least amount of time and with the least amount of stress possible. Lily represent sellers and buyers of all levels who are looking to list and sell their homes for top dollar using first class technology based marketing programs specializing in Aurora, Centennial, Parker, Lone Tree,Highlands Ranch and many other Denver surroundings. Contact Lily at 720-339-9663 or email [email protected] for more information.

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Michael Conner

Mike Conner is a full time REALTOR who has been making his client’s dreams a reality for over ten years. Based in Centennial, Colorado, Mike is the expert to help you with all your home buying and s....

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