Home > Blogs > Colorado > Douglas County > Highlands Ranch > Only $1000 down to live in Highlands Ranch

Julie Reddington's Blog

By Julie Reddington | Agent in Highlands Ranch, CO

Only $1000 down to live in Highlands Ranch

Are you a First Time Home Buyer looking to live in Douglas County?

Douglas County has a program whereby they will provide down payments assistance of 5% of the purchase price for First Time Home Buyers

The criteria for this program is as follows:-

* MUST be able to contribute $1,000 towards the purchase

(cannot be borrowed or be a gift).

* Secure a first mortgage. All loans MUST be a 30 year fixed loan.

* Reside in Douglas County 12 months prior to closing or work in Douglas County at least 20 hours per week

* Be a “First-Time Homebuyer” (No ownership in a home in the past 3 years, Single parent that has owned prior with a spouse, or a displaced homemaker.)

* Back-End ratio under 45%

* Borrowers must show an acceptable credit history. A letter of explanation for all adverse accounts (bankruptcy, collections, late payments, etc.) is required.

* The home MUST be used as a “primary residence” and be located in Douglas County (the home cannot be “renter occupied” at the time of purchase).

* Potential borrower MUST meet with DCHP and receive “Income Certification Letter” prior to signing a sales contract.

* $100 application fee

The downpayment assistance is in the form of a second mortgage. Payments begin immediately and the funds may only be used for downpayment, no closing cost assistance. Borrowers have a choice of either (a) a 15 year loan term which will carry an interest rate of three percent below the 10-year Treasury Index (but no lower than a 1% interest rate), or (b) a 30 year loan term which will carry an interest rate of one percent below the 10-year Treasury Index (but no lower than a 3% interest rate).

For More Information, CLICK HERE

Kindest Regards

Julie Reddington
 Realtor, ABR

Tel: (720) 226-4168 | Fax: (303) 784-0618

TheHouseHunterDenver@gmail.com | www.JulieReddingtonRealEstate.com

Key Masters Real Estate - Metro Brokers 

Facebook Twitter LinkedIn Google Plus Google Buzz YouTube

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer