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The 3 Questions You'll Need to Answer for Colorado Down Payment Assistance:
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Work History
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Monthly Income
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Credit Score
Ready To Apply Today?
If you meet the qualifications, you can get started by completing an application with one of our local Colorado lenders or complete the short inquiry form. They’ll run a soft credit pull through TransUnion, review your income documents, and show you the down payment assistance options you may qualify for.
1. Work History
Most programs require a two-year employment history, but that does not mean you must be at the same job for two years.
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What the assistance program is looking for:
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Stable income
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Reasonable explanations for job gaps or changes
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You can still qualify if you:
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Changed employers within the same industry
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Received promotions or income increases
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Had short gaps in employment(less than 6 months typically)
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Recently transitioned from school into your field(school can be counted as work history)
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Receive SSI/Pension/Retirement income
2. Monthly Income Before Taxes
Lenders use your gross monthly income (before taxes) to calculate your debt to income ratio (DTI).
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Your DTI compares:
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Your total monthly debts(car loans, credit cards, student loans, etc.)
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To your gross monthly income
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Max debt to income with down payment assistance:
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Housing ratio under 45%
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Total debt ratio under 55%
Max Household Income Limit:
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Metro area: $210,150
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Statewide: $174,440
3. Credit Score
Most programs require a 620 score, though some FHA and assistance programs allow scores as low as 600.
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If your score isn't quite where it needs to be, that doesn't mean you can't start the process. We regularly help buyers create a simple plan to improve their score, often within months or even weeks.
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If you're unsure where you stand, submit the inquiry. We will start with a soft credit pull(will not hurt your credit) and outline exactly what would be needed to improve your score.
Download Your Free Guide on Credit Scores and Homebuying
Strategies for Boosting Your Credit Scores and Accessing Down Payment Assistance in Colorado...