Colorado Ranks 8th in Down Payment Programs
Colorado ranks 8th in the nation among states with the most down payment programs, according to Q2 data released by Down Payment Resource. With 68 programs available, Colorado programs offer closing cost assistance grants, mortgage credit certificates, first mortgage loans, and other programs such as employer assisted housing programs.
Down Payment Resource has increased to include three percent more programs; 87% have funds available to buyers.
Other Q2 Key statistics:
- The report increased to 2,359 programs up three percent from the prior quarter.
- Programs from over 1,250 housing agencies and program providers are tracked.
- 19 programs are available nationwide.
- Approximately 87 percent of programs have funds available for homebuyers, down three percent from February.
- Mortgage Credit Certificates (MCC) increased 12 percent from October 2014.
- Many of these programs can be layered with each other and can often be used with most loan products, including VA and FHA.
- More than 14 percent of programs are special opportunities available exclusively for veterans, buyers with a disability and other professions or special circumstances.
- The index highlights the wide range of opportunities available for all types of buyers, not just for first-time homebuyers. 36 percent of the programs don’t include a first-time homebuyer requirement (down 1 percent from February).
- While all programs are available for single family homes, the index found that 17 percent of programs are also eligible for owner-occupied multifamily properties like duplexes, triplexes and quads (2-4 unit properties).
If you haven’t started sharing the Colorado Association of REALTORS Down Payment Program with your clients, you should start today! The Colorado REALTOR® Down Payment Program is a free tool that helps your clients discover down payment programs that fit their personal situation.