Larry Brake, Real Estate Pro in Aurora, CO

Has anyone worked with a first time homebuyer utilizing LIFT funds?

Asked by Larry Brake, Aurora, CO Thu Apr 24, 2014

If so, what was your experience?

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Larry Brake, Agent, Aurora, CO
Fri May 30, 2014
Just closed one yesterday. Great program, but it is new enough it caused some confusion during the transaction cycle. I would recommend adding at least 7 business days to your projected closing date to account for the docs turn around time between the primary lender and the agency responsible for the LIFT funds.

It's also considered a 'silent second', so unlike the first time homebuyer funds that typically don't have to be paid back, the Buyer would need to stay in the home purchased for five years to avoid having to pay it back. The principal amount of the LIFT funds are 'forgiven' 20% a year over five years. Make sure your client knows and understands that. If they were to sell the home in less than a year, they would be responsible for paying back 100% of those funds.

They will also not make funds available in situations where the primary loan is an FHA loan. They will require the primarily loan to be a 'conventional' loan.

Keep in mind LIFT funds are exclusive to properties within the city limits of Denver.

Lastly - and this one is a biggie - LIFT funds can be stacked with other qualified programs. This can greatly reduce the amount of cash a first time home buyer has to have in order to make a home purchase.

Hope that helps!
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Michael Glist, Agent, Colorado Springs, CO
Mon Apr 28, 2014
Yes I have, it is a great program just a little complicated and weird on how they do things on thier end for approval. The letter the borrower gets is not the final approval they still need to send it to thir underwriting and get approval. but overall great program.
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