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Partners in Charity

Program Overview

Partners in Charity is a source of downpayment and closing cost funds for potential homebuyers who need such assistance to qualify for a mortgage. No repayment requirements or recorded restrictions are required for this grant. This must be used in conjunction with FHA or VA loans only. Properties in the entire state of Colorado are eligible for this program.

Who is eligible for this program?

Buyer must be pre-approved to determine amount of assistance needed before submitting Gift Letter and Grant Application Request to Partners in Charity. A form can be obtained by calling 800-705-8350 or downloading the form from their website at: www.partnersincharity.org. No cash back to borrower at closing. There are no income limits or asset restrictions for this program. This program is for home purchases only. Is this program for first time buyers only? No

Property Eligibility Requirements

Properties located anywhere in the state of Colorado are eligible for this program. Allowable property types: New and existing homes, 2-4 unit properties, condos, PUDs and townhouses

Benefit Details

There is a one time contribution fee of .75% of the sales price which is due from the seller at closing. If the seller is a builder, a flat fee of $500 is required. Gift funds from 2% to 10% of purchase price are granted. Benefit: Buyers do not have to repay gift funds. Seller is eligible for a tax deduction in the form of a charitable contribution. Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: Owner occupancy is required.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.