Would you buy a home today if did not have to worry about the down payment? Then the Colorado NHF Platinum program may be exactly what you have been waiting for.

What is the NHF 5% Grant Program?

The NHF Platinum 5% grant is is a down payment assistance program that actually gives you a 5% grant to go towards your FHA 3.50% down payment and closing costs. This is a grant you dont ever pay back. Yes, you heard me right. You never pay it back!

5% grant?

The 5% grant is a percentage of the total loan amount. See below for an example of a $200,000 purchase price with an FHA loan. FHA requires a minimum down payment of 3.5% and adds 1.75% for the FHA Up Front Mortgage Insurance Premium on top of the base loan amount.

Purchase price: $200,000

- 3.5% down payment: $7,000

= Base loan amount: $193,000

+ 1.75% MIP $3,377

= Total loan amount $196,377

5% grant = $9,818.85

WOW! You never have to pay this back!In this scenario you would have enough to pay the $7,000 down payment and have $2,218.85 left over to apply towards your closing costs.

How do I qualify for this program?

1: Have a minimum middle credit score of 640

2: Have a maximum debt to income (DTI) ratio of 45%

3: Income must be below the max county income limit. Click here for county limits in Colorado.

4: Complete a loan application with an approved NHF lender and meet the standard loan guidelines for FHA or VA.

Call 303-521-7169 to get started or click hereto fill out an online application.

Why do they give you a 5% grant?

The National Homebuyers Fund, (NHF) was established in 2002 to stimulate and expand homeownership opportunities across the nation. Their mission is accomplished through the development and/or management of homeownership programs. They serve families and individuals who can afford a mortgage loan but do not have the resources for the down payment and closing costs.

5% grant that I don't have to pay back,whats the catch?

Catch #1: The interest rate is higher than current FHA market rates, usually about .50% to .75% higher depending on the day.

Catch #2: The closing costs are higher by a 1% origination charge, this is 1% of your loan amount. However, since you are given 5% of the loan amount and the FHA down payment is 3.5% you will have some left over to apply towards the closing costs.

Why the higher rate and fees? Because this is how they help fund this program.

Is this considered down payment assistance?

Yes, this is considered down payment assistance. Also known as a down payment grant or free down payment. This down payment assistance grant provided by NHF is to help people in Colorado realize homeownership sooner rather than later.

Do I have to be a first time home buyer?

No, there is no first time home buyer requirement for this program.

Is this program limited to Denver Metro?

No,this program is available to the entire State of Colorado.

What type of properties can I use this with?

• Single family homes
• Condo (If FHA it must be an approved FHA complex)
• Townhomes/Puds

Do I have to attend a home buyer education class?

No, you don't. This program does not require it. However, you can always choose to attend one if you like. There are many great places you can take this class for Free. Below are a few, you can visit the below links or I can help you schedule a class.

• CHAC Colorado Housing Assistance
• Denver Housing Authority
• Brothers Redevelopment, Inc

You can also do an online class at eHomeAmerica for a $50 charge. If you get a code they will give you a slight discount for the 2nd person if needed. Click here for a list of all HUD approved housing counseling agencies in Colorado. Always make sure to show up on time and to keep a copy of your certificate.

Is there a purchase price limit?

NHF Platinum does not have a limit. The only limit is based on what you qualify for and what the max loan amount is allowed by FHA and VA in the county the property is located in. There is no minimum loan amount.

• Click here for Colorado FHA loan limits.
• Click here for Colorado VA loan limits.

What are the loan terms and the interest rate?

The loan is a 30-year fixed through FHA or VA. The interest rate is slightly higher with the NHF Platinum Program than the market rate is for FHA and VA home loans. However, the interest rate is the same for everyone who qualifies. The rate is the same, regardless if your credit score is 640 or 840. Everyone receives the same rate. The rate is locked once the loan has been underwritten with an approval.

Are the closing costs the same as other loan programs?

The closing costs are slightly higher with this program as we have to charge an additional 1% origination that is not normally charged on other FHA or VA loans. The good news is that after your 3.5% down payment has been taken out you will have some grant funds left over that you can apply towards your closing costs.

Can the seller pay towards my closing costs?

Yes, the seller can pay up to 6% of the loan amount towards your closing costs.

How long does it take to close?

Once the loan is reserved you have to close the loan within 45 days. However, if you provide all of your documentation up front and respond to additional document requests quickly you can close under 30-days with ease.

Are gift funds allowed?

Yes, gift funds are allowed by family members.

Where is the loan underwritten?

The loan is underwritten in our operations office in the Denver Tech Center.

Can I use this on an investment property?

No, this is strictly for owner occupied purchases only.

Can I use this for a refinance?

No, this is strictly for new purchases only.

Does this program allow for non occupant co-signers?

No, non occupant co-signers are not allowed.

Can I get my earnest money back at closing?

Yes, you can get your earnest money back at closing as long as the 5% grant covered the down payment, portion of your closing costs and the seller paid your remaining closing costs. Or you can apply your earnest money towards any remaining closing costs after the 5% grant has been used.

Can I use a Mortgage Credit Certificate with this program?

Yes you can, but to qualify for a Mortgage Credit Certificate (MCC) you have to be a first-time home buyer or buy a home in a targeted area. A first time home buyer is defined as someone who has not owned a home in the past three years. With an MCC you will receive an annual federal income tax credit up to 20% of the annual interest you pay on your mortgage loan. Call me for more details and to see if you qualify. 303-521-7169

How long does this program last?

The NHF Platinum Program is on going and is not at risk of running out of funds at this time.

How do I get started?

1:Fill out an online application at www.mylendersean.com

2: Or, call Sean Young at 303-521-7169 to answer any additional questions and/orto do an application over the phone.

3: Or, schedule a time to meet in person at the office in the Denver Tech Center.

Take advantage of this now, this is an incredible opportunity!

They are giving you the entire down payment that you never have to pay back.

How cool is that!?

Sean Young

Mortgage Loan Officer

NMLS: 191647

Phone: 303-521-7169

Email:syoung@firstcal.net

www.mylendersean.com

FirstCal Colorado

National Homebuyers Fund, Inc. (NHF) is a nonprofit public benefit corporation andI nstrumentality of Government under Internal Revenue Service code section 115.