We just received a notification about the National Homebuyer Fund (NHF) down payment assistance program and wanted to keep you informed.
NHF is one of the most popular down payment assistance programs and is officially being SUSPENDED. This means all NHF loans in process must be locked on or before 2/29/2016. We have not received any notification of whether this suspense means the program will return in the future, if changes are being made or if it may eventually be eliminated all-together. As soon as we find out, we will be sure to keep you updated.
What is NHF? NHF is a grant program to assist potential homebuyers with down payment and closing cost assistance. The good news is that we still have two great programs to assist your buyers in need of down payment assistance: CHFA and MMA.
CHFA (Colorado Housing & Finance Authority) although mentioned as a “program” above actually has many programs. The most popular are SmartStep (3% grant available), HomeOpener (3% grant available), Preferred (3% down conventional with 3% grant available) and Advantage (3% down conventional with NO mortgage insurance). We are very experienced in all of CHFA’s options and would be happy to assist any buyers in need. (FYI: Buyers do NOT need to be a first time buyer to qualify)
MMA (Metro Mortgage Assistance) is very similar to NHF offering a 4% grant. MMA has higher income limits and less restrictions compared to CHFA but is limited to a smaller set of geographical areas in Colorado. Again, we have a lot of experience in this loan option and would be happy to assist you or any buyers.