colorado springs realtor free downpayment

Free Downpayment Assistance Money

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Today, more and more Buyers are purchasing a first home with little or no downpayment. In fact, I've had many closings in which the Buyers only had to bring a handful of change to complete the purchase!

Every year more home Buyers utilize these programs to improve their purchase power and lower their monthly payments. Overall, there is an increased awareness about the programs because communities believe in home ownership. Lenders believe that ownership stabilizes neighborhoods, reduces crime and helps residents build wealth via home equity. Now, since interest rates have held at a reasonable level and income has increased, there are few reasons that renting is better than buying for most people. Take a look at this list of pros and cons at our page for Renting Vs. Buying.

I utilized a Downpayment Assistance Program when I purchased my first home. The funds helped me become a homeowner at an earlier age, so I could take advantage of the booming real estate market to build equity. Many people look at this as a great savings plan to help them on the purchase of a second (and even better) home or other things like retirement, vacations, remodeling projects, etc. Once you build equity in your house, you are able to use it as you like in many cases. If you are curious about whether you'll have to pay Capital Gains Tax when you sell your house, please Contact Me. There are exceptions to having pay this tax and it's a good idea to understand Capital Gains Tax before you purchase your first home. Regardless, if you stay put for at least two years, most people are able to walk away with their profits untouched by the government.

Okay, back to Downpayment Assistance. There are several of these programs available in Colorado Springs and El Paso County. Each of the programs has different requirements and NOT ALL LENDERS PROVIDE ACCESS TO THE PROGRAMS. Here's a quick example of some requirements: Colorado Housing and Finance Authority (CHFA) requires a $1000 contribution from the Buyer into the transaction (towards downpayment, closing costs, loan amount reduction, etc.). CHFA also requires recipients to attend a class to learn more about home ownership and financing. There are other programs that don't require a contribution or any educational sessions, as well. If you'd like to hear more Contact me to learn about the available programs and to hear about which ones apply to your situation.