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.
- Attend eight (8) hours of Home Buyer Education and housing counseling with CRHDC
- Total household income must be at or below 120% of the Area Median Income (AMI)
- Proof of Citizenship or Legal Resident status
- Borrower(s) must occupy property as their Primary Residence (no rental property allowed
- Borrower(s) must contribute one thousand dollars ($1,000.00) of their own money into the transaction
Qualifying Ratios and Guidelines
Ratios - 31/43
- 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