What Are The Various Down Payment Programs Available To You?

0% DOWN PAYMENT – USDA
640 MIMIMUM CREDIT SCORE
MAXIMUM DEBT TO INCOME RATIO 41%
INCOME LIMITS DEPENDING PER COUNTY
HAS MORTAGE INSURANCE FOR THE DURATION OF THE LOAN

0% DOWN PAYMENT – VA
600 MIMIMUM CREDIT SCORE
MAXIMUM DEBT TO INCOME RATIO 50-55%
CAN BE GIFTED A DOWN PAYMENT
NO MORTAGE INSURANCE EVER

DOWN PAYMENT ASSISTANCE – CHFA IN Colorado
620 MINIMUM CREDIT SCORE
REQUIRES 3.5% DOWN PAYMENT
3% GRANT FOR DOWN-PAYMENT OR
4% LOAN FOR DOWN PAYMENT – (repayable to CFHA upon sale)
MAXIMUM DEBT TO INCOME RATIO 45%
$1,000 MIMIMUM INVESTMENT OF YOUR OWN MONEY (CAN BE A GIFT)
HAS MORTAGE INSURANCE FOR THE DURATION OF THE LOAN

3.5% DOWN PAYMENT PROGRAM – FHA
620 MIMIMUM CREDIT SCORE
MAXIMUM DEBT TO INCOME RATIO 50%
DOWN PAYMENT 3.5% (OR MORE) CAN BE A GIFT
HAS MORTGAGE INSURANCE FOR THE DURATION OF THE LOAN

3% DOWN PAYMENT PROGRAM – CONVENTIONAL
680 MINIMUM CREDIT SCORE
MAXIMUM DEBT TO INCOME RATIO 50%
INCOME LIMITS PER COUNTY/CITY
DOWN PAYMENT 3% (0R MORE) CAN BE A GIFT
HAS MORTAGE INSURANCE UNTIL 80% OF VALUE IS REACHED
MI IS UP TO 70% LESS THAN FHA

5% DOWN PAYMENT – CONVENTIONAL
680 MIMIMUM CREDIT SCORE
MAXIMUM DEBT TO INCOME RATIO up to 50%
DOWN PAYMENT 5% (OR MORE) CAN BE A GIFT
HAS MORTAGE INSURANCE UNTIL 80% OF VALUE IS REACHED

10% DOWN PAYMENT – CONVENTIONAL
680 MIMIMUM CREDIT SCORE
MAXIMUM DEBT TO INCOME RATIO up to 50%
DOWN PAYMENT 10% (OR MORE) CAN BE A GIFT
HAS MORTAGE INSURANCE UNTIL 80% OF VALUE IS REACHED

20% DOWN PAYMENT – CONVENTIONAL
680 MIMIMUM CREDIT SCORE
MAXIMUM DEBT TO INCOME RATIO up to 50%
DOWN PAYMENT 20% (OR MORE) CAN BE A GIFT
NO MORTGAGE INSURANCE REQUIRED