Updated: Sep 26, 2023
We are pleased to introduce the PRMI Welcome Home Down Payment Assistance (DPA) program, a new initiative aimed at assisting potential homeowners in Colorado. This program is designed to address the common hurdles of down payment and closing costs that often deter individuals from purchasing a home.
Here are the key features of the PRMI Welcome Home DPA Program:
Mortgage Options: This program is available exclusively for FHA or USDA first mortgages.
Down Payment Assistance (DPA) Options:
Repayable Second Mortgage: With amortization terms of 10, 20, or 30 years and a 10-year balloon payment, this option allows you to borrow either 3.5% or 5.0% of the home purchase price or appraised value, whichever is lower.
Forgivable Second Mortgage: This is a 30-year fixed-rate mortgage that becomes forgivable after five years. It features a 0% interest rate and no monthly payments, with the DPA amount being either 3.5% or 5.0% of the home purchase price or appraised value, whichever is lower.
No First-Time Homebuyer Requirement: This program is open to all, regardless of whether you are a first-time homebuyer.
No Income Restrictions: There are no income restrictions beyond the USDA guidelines.
Statewide Availability: The program is available to residents across Colorado.
Temporary Interest Rate Buydowns: 2/1 buydowns are permitted under this program.
Eligible Property Types: Single-family residences, 1-2 unit properties, planned unit developments (PUDs), townhomes, condominiums, and double-wide manufactured housing are all eligible under this program.
The PRMI Welcome Home DPA program is a comprehensive solution aimed at making homeownership more accessible in Colorado. By addressing the initial financial barriers, this program provides a viable path towards owning a home.
For more information on how the PRMI Welcome Home DPA program can assist you in your homeownership journey, reach out to Nick Barta, the top down payment assistance loan originator in Colorado and the #1 FHA loan originator in the United States. His extensive experience and dedication to assisting homebuyers make him a reliable resource for navigating the Colorado real estate market. Contact Nick Barta today to explore how this program can serve your needs and bring you closer to owning your dream home.
