Is there another downpayment assistance option if I am not qualified for CHAFA?
My spouse and I are first-time homebuyers. When we got prequalified in January 2009 we were also told that CHAFA can help with downpayment so there was not a need to save for it. However, a week ago after having found the perfect house for our young family we were advised by the mortgage broker that we don't qualify for CHAFA because we make too much. The only option was for someone to "gift" us the amount for downpayment. With the current economy we don't know anyone who would be as generous or even have $10,000 cash. Are there any options?
There are so many programs out there and every day they add new programs to help homeowners.
Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.
Good Luck.
Your lender and your Realtor should know all available options in your area. Around the Denver metro area there's many local programs.
Our lender and his company do a lot of different down payment assistance programs for our Buyer's. Let me know if you need his number.
Sandy Kinslow
The Kinslow Team
Coldwell Banker
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