empoweredliving
Empowered Living (Our first time homebuyer initiative)
Purchasing a home is the first step to economic empowerment and we have created an initiative called "Empowered Living," which is designed to breakdown barriers to homeownership in association with our strategic partners.
Through our "Preferred Mortgage Partner," Cherry Creek Mortgage Company - The James Holmes Lending Team we provide a gateway to access a wide variety of first time buyer programs, which provide as much as $25,000 to be used for down-payment and closing cost. The James Holmes Lending Team is a lending partner for the Douglas County Housing Partnership program and the Metro Denver Bond Grant Program.
The James Holmes Lending Team has successfully closed transactions for our clients utilizing the Douglas County Housing Partnership, the Arapahoe County Housing Program and the Colorado Housing Finance Authority (CHFA), among others.
The James Holmes Lending Team offers a consultation without obligation to determine if you will qualify for one of the down payment assistance programs for first time buyers. Please contact
Our Partners in Empowerment
Arapahoe
Have rising housing costs and the upfront cash requirements priced you out of the dream of home ownership? The Arapahoe County Housing Authority may be able to help make that dream a reality.
Acquisition Assistance up to $20,000 - Second mortgages will be provided by the Arapahoe County Housing Authority for down payment, closing cost and prepaid/escrow assistance up to $20,000, depending on income. This is a 30-year loan which will require no monthly payments or interest for the first 5 years. The beginning of the sixth year, monthly payments are made at a 3 percent interest rate.
Competitive Interest Rates - First mortgages will be 30 year fixed, at or below market interest rate.
Free Homeowner Education Class - All participants must attend this highly educational and very entertaining class on home ownership.
Colorado Housing Finance Authority (CHFA)
Your road home is not far off thanks to the Home Finance programs offered at the Colorado Housing and Finance Authority (CHFA). We offer many solutions and programs to get you home!
MRB First Step
CHFA's MRB First Step program is a statewide first mortgage program available to first time homebuyers or individuals who have not had ownership or been listed on a title in the past three calendar years. The program offers below market fixed interest rates, as well as an optional second mortgage to assist with down payment and closing costs for a single family property.
To qualify, you must meet income and purchase price limits, attend a Homebuyer Education Class and contribute a minimum $1,000.00 to the purchase of the home. The property must be occupied by the homeowner and not used as a rental property. If and when you sell your home, the transaction may be subject to a Recapture Tax.
If your household income exceeds the MRB First Step income requirements, you may be eligible for the Taxable Home Opener program listed below.
Taxable Home Opener
If you're not a first time buyer and don't want to be restricted to a purchase price ceiling, you may be eligible for CHFA’s Taxable Home Opener program. This statewide first mortgage program accepts higher incomes than the MRB First Step. It offers a competitive interest rate and an optional second mortgage to assist with down payment and closing costs for a single family home.
Homebuyers are required to contribute a minimum $1,000.00 to the purchase of the home. The property must be occupied by the homeowner and not used as a rental property. These loans are not subject to the Recapture Tax.
Second Mortgage Loans
Used in conjunction with the MRB First Step or Taxable Home Opener programs, this optional loan helps with down payment and closing costs. This loan, if used, will come from the same lender as your primary loan.
The CHFA Second Mortgage Loan is available for up to 3% of the first mortgage loan amount at an interest rate of 0% and has a term of 30 years. No payment is due on this loan until the first mortgage loan is refinanced, title transferred or if the property is no longer the borrower’s principal residence.
Home Access and Home Access Plus
People with disabilities or parents of a child with disabilities may qualify for the HomeAccess and HomeAccess Plus programs. This program is available to low income, first time homebuyers or individuals who have not had property ownership or been listed on a title in the past three calendar years. You may be able to qualify for a first mortgage at a 3% interest rate through the HomeAccess program or a first mortgage with a below market fixed interest rate through the HomeAccess Plus program. There are purchase price and income limits on these loans.
To assist with down payment and closing costs, CHFA provides an optional $10,000 CHFA HomeAccess Second Mortgage. Used in conjunction with these two programs, this second mortgage is at a 1.5% deferred principal and interest payment; due on sale, refinance, repayment of the first mortgage or when the property is no longer the borrower's primary residence.
Mortgage Credit Certificate
The Mortgage Credit Certificate is available without a CHFA first mortgage or with a CHFA Taxable Home Opener first mortgage. This program offers eligible
Douglas
James A. Holmes, CMPS, CML
The DCHP provides a free monthly six-hour home ownership class. This Colorado Housing and Finance Authority-approved class educates potential homebuyers on the home buying process.
The DCHP provides down payment assistance in the form of a second mortgage for working families or individuals in Douglas County. The funds can be utilized for down payment, closing costs and prepaid items. The agency works with area lenders who originate the first mortgage in conjunction with the down payment assistance of up to $20,000 for those who qualify.
