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Commerce City

Prepared by:

Mari Takeshita @ Cherry Creek Properties Mari@RealtorMari.com 303.941.6274

Sharon Campbell @ Guild Mortgage Company at 720-746-4072

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Down Payment and Closing Cost Assistance Looking to purchase your first home in Commerce City?

The Housing Authority can help qualifying first-time home buyers with down payment and closing cost assistance if they successfully complete a Colorado Housing Finance Authority-approved homebuyer workshop. Financial assistance comes in the form of a second mortgage loan for down payment and all allowable closing costs up to $10,000 at 3.5% interest rate with up to a 10 year repayment schedule.

Buyer Eligibility Buyer(s) cannot exceed the HUD maximum gross income limits: Number of family members Gross income limits 1 $44,450 2 $50,800 3 $57,150 4 $63,450 5 $68,550 6 $73,650 7 .$78,700 8 $83,800 Buyers must obtain a fixed-interest rate mortgage and cannot have any property in his/her name for the last three years. Buyers must contribute 1% of their own money towards the sales price, which can include the earnest money deposit, costs for credit report, appraisal, inspection and repairs, etc.

Property Eligibility The purchase price of the property shall not exceed appraised value. Property has to be located in the City of Commerce City. Buyer must acquire at their expense a professional, certified home inspection and submit the complete report prior to the Inspection Deadline for a Housing Quality Standards review. This will address health and safety issues prior to closing. Most repairs are completed prior to closing. The Fine Print The program follows U.S. Department of Housing and Urban Development regulations. Learn more about the guidelines and program standards, as well as download anapplication