Purchasing a Home in Colorado Springs? El Paso County Bond Money Available


EL PASO COUNTY BOND PROGRAM 2013

-FHA and VA loans

-Funds can be reserved Monday through Friday 8AM-6PM Mountain Time excluding holidays

-4% Assistance Grant no repayment

The borrower receives a 30 year, fixed rate, fully amortizing first mortgage loan with 360 level monthly payments as well as an Assistance payment of 4% of the original principal Note amount to apply towards down payment, closing costs and/or prepaids. If the seller agrees to pay all of the borrower’s closing costs and prepaids then the remainder of the 4% assistance grant will be applied at closing as a principal reduction because the program does not permit any cash back to the borrower except earnest money can be returned.

-No minimum contribution from the borrower unlike CHFA (Colorado Housing Finance Authority) that requires $1,000.00.

-There is no first time home buyer requirement

-Minimum FICO score 640.

-The maximum DTI is 45% regardless of AUS (Automated Underwriting) approval.

-Homebuyer Education is not required but recommended.

-Income limits

1-2 person households=$88,900.00, 3 or more person households=$103,700.00

-El Paso County only

-Purchase price limit is $283,000.00, new and existing 1-4 residential properties, condos and townhomes

-Appraisals must indicate that the home has a least a 30 year remaining useful life

-Co-signers are permitted

-No prepayment penalty

-No Recapture Tax

It is the intentions of the Bond Authority to have this as ongoing money. As of today 1/24/2013 the rate is 3.75%.

If you are considering Relocating to Colorado Springs, Purchasing a Home for Sale in Colorado Springs, or want more information on the Colorado Springs Real Estate Market, Contact your  Colorado Springs Real Estate Expert, Mike MacGuire Today!  Click Here to Check out my informational video if you are considering Purchasing a Home for Sale in Colorado Springs. Click Here to check out what my clients are saying about my services.

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