Amounts and Terms

The program offers a forgivable loan to qualified borrower(s) set at a minimum five thousand dollars ($5,000.00) and up to twenty-five percent (25%) of the homes appraised value, depending on need, with the maximum amount of assistance capped at fifty thousand dollars ($50,000).

The loan is recorded as a second mortgage lien with a fifteen (15) year forgivable affordability period.

***Eligibility Requirements

Qualifying Ratios and Guidelines
Ratios - 31/43
Credit -

• 600+ Middle Credit Score
• Borrower(s) must have at least four active lines of credit with no late payments for at least 12 months.  Non-traditional Credit Letters must be on company letterhead with a contact name and phone number.
• All collections and judgments must be paid in full prior to closing
• Bankruptcies must be discharged for a minimum two (2) years with no derogatory credit from the time of discharge.
• Two (2) years consecutive work history in the same line of work

Rental Verification - Must be on the credit report or on a standard verification form and must cover at least 12 months.  Income Verification – Three Years Tax returns, three months bank statements, thirty  days current paystub(s)
Employment Verification -  Written employment verification required, indicating two (2) years consecutive work history in the same line of work

Fees (included in closing costs)

• $600.00 Loan Application Fee

• $30.00 Wire Transfer Fee (if applicable)

• Applicable Recording Fees

• Standard Title Insurance Fee

Please call 303-428-1448 and talk to one of our Loan Specialists for more information.

***Loan available only for participants in CRHDC's NSP2 Program