Buying a Home With Down Payment Assistance


by: Mari Takeshita

As a Realtor, I speak with hundreds of buyers each month. There are many issues that many buyers do not understand even with all the information available.
The most common misconception is about down payment.

Every day, I hear future home owners explain they need to wait to put thousands off dollars together to purchase a home. How long would it take someone to put 10 percent or 20 percent together for a down payment? Years, or never, I would guess.

The Denver Metro area has down payment assistance programs for every area. The buyer contribution is as low as $1000.00 up to one percent of the purchase price. Only $2000.00 for a $200,000.00 priced home. CHFA, only requires $1000.00 but it will be a little more for properties over the $200k price. CHFA Pays 3 percent of the required 3.5 percent required for an FHA home loan.

In the time it would take to save 10-20 percent for a down payment, the property price would increase dramatically. Historically, prices in the United States have gone up 4% per year. But I have seen such dramatic price increases in just months to prevent a buyer from purchasing when only a few months prior would have had many purchase options.

Appraisals have jumped 40-50 thousand dollars in less than 6 months in the $200k price point. Unique situations, but prices are going up…quickly and as we get into the high season of summer, pricing will move upward right in front of your eyes.

Purchasing NOW has become very important. DON’T let the housing market’s price increase, decrease your opportunity to purchase the home of your dreams.

CHFA doesn’t require you be a first time buyer, and the income limitations are close to 6 figures. Don’t wait till the kids are out of school. Don’t wait till you are ready to purchase. Find out as soon as possible where you financially stand to purchase a home. Start 6 months in advance and have your credit and qualifications reviewed by a lender and Realtor.

I create an automated email system for future clients to receive daily listings. By doing so, you will be able to see what is available in the location and price you are considering to purchase. Property pictures and detailed home features help you see what options you have in housing.

Only thru Realtors and real estate agents that are members of Metrolist, will you receive the most updated information about properties. All other sources you find typically update every few days or what seems to be never. In Denver’s hot market, a day can be too late. And the home of your dreams will be someone else’s “Home sweet home”. Don’t lose the perfect home.

Have a real estate professional explain the market to you and what that means in the process you will go thru in purchasing a home. the market was crazy like this about 20 yrs ago.. Real estate is cyclical and this is a repeat of the industry of the early 1990’s. So don’t lose out on the home of your dreams.

Finding the right Realtor to work with for your home buying is your first job. That Right professional will do the work for you and you will be moving into your new home sooner than later.
Mari Takeshita
Your RealtoR
Cherry Creek Properties llc