Colorado – Down Payment Assistance Programs Compared

Understanding Down Payment Assistance

  • Comparison: Standard FHA loan vs. Down Payment Assistance
  • Scenario: First-time homebuyer, 680 FICO score, $450,000 home purchase

Key Programs Overview

  • Exclusion: Metro DPA (due to fund uncertainties)
  • Program 1: FHA Loan3.5% down payment, 6% interest rate
  • Program 2: CHAFA4% loan assistance, 7.25% interest rate, silent second mortgage
  • Program 3: Orion DPAFull down payment coverage, 6.625% interest rate, second lien
  • Program 4: EPM DPA Grant-based, 7.75% interest rate, higher monthly payment, refinance option (When video was recorded rate was 8.25%)

Financial Considerations

  • Second Liens & Mortgages: Impact on interest rates and payments
  • Alternatives: Seller concessions and gift funds
  • Credit Score Impact: Limitations on using gift funds
  • Debt to Income Limitations and higher interest rates may limit purchase price range

Choosing the Right Program

  • Individual Financial Situation: Key to program selection
  • Graphs & Calculations: To illustrate differences
  • Refinancing Options: Post six monthly payments, if applicable

Conclusion & Contact Information

  • Resources: Video and sidebar materials for deeper understanding


Reviews

"My name is Angela. Nathan Jennison and his entire team were awesome. They walked me through everything step by step and explained to me next steps. When I had questions, they always answered and responded in a timely manner. I even "bothered" Nathan on a weekend when he was on vacation with his family, yet he answered my call. Went above and beyond to calm me down and walk me through the situation. I highly recommend Nathan and his team for you home search and supporting you with all the crazy that comes along with purchasing a home."

angelanelson5119

"Nathan was very professional and efficient of getting the loan processed from start to finish. He had put together a thorough presentation explaining the entire process. I was new to this process and felt very comfortable with him and his team. I would highly recommend Nathan!"

kirk

"Nathan and his team were very efficient and helpful in getting things done. From start to closing, there were no delays during the whole process. I would highly recommend The Mortgage Architects"

kirk dunn

"Nathan and his team did an amazing job for me. The work he put into getting me approved to buy my house was on overtime. He always answered my calls, even when he was with family. He fought for me every step of the way. I valued his time and expertise in handling everything for me. I highly recommend Nathan to anyone looking for an awesome lender."

angela nelson

"I met Nathan when he provided the financing for the buyer for one of my listings. I was impressed with his professionalism and knowledge that I started recommending him to my buyers who have all been very pleased with his overall service. Nathan has now become one of my go-to mortgage professionals!"

rick panlilio

"Great team, they always do a great job, very customer focused and hardworking. 10/10!"

jack michels

"I had the pleasure of working with Nathan when applying for a loan for my first home! He made everything super easy and was able to make sense of everything. He was able to find the perfect loan for my husband and I even though we hit a few bumps in the road. Highly recommend working with him and his team."

mili simonovic

"All of the Loan Officers are professional and knowledgeable but the most important I think is they go above & beyond for their clients. They want ever client to succeed whether it's now or 6 months from now by working with client's that need credit assistance. They truly work hard to help their client's achieve their home ownership goals."

matt gallegos

"One of my favorite lenders to work with!"

omar hernandez jr