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Funding Partners for Housing Solutions H2O Down Payment Assistance Loan Program
Fannie Mae
www.fanniemae.com

Program Overview

Funding Partners for Housing Solutions H2O Down Payment Assistance Loan Program is a second mortgage loan program to be used for down payment and/or closing cost assistance. Income eligible first time homebuyers can obtain a loan of up to 5% of the purchase price for down payment and closing costs (including pre-paids). Loan terms are written with fully deferred payments of all principal and interest for 10 years with simple interest accruing at 3% for the initial 2 year period, converting to an adjustable rate for the remaining term. The interest rate is capped at 11.5%. Loan may be pre-paid at anytime. Loan is NOT assumable. You may visit their website at: www.fundingpartners.org Properties can be located in any county located in the State of Colorado. The application fee is $ 150.

Who is eligible for this program?

A participating lender must pre-approve all borrowers for a first mortgage loan. Borrowers must be first time home buyers and cannot currently own a home and can not have owned a home in the last 3 years. To verify this, borrowers must submit copies of their signed federal tax returns for the last 3 years along with W-2's and all schedules. Loan Amount is 5% of the purchase price, based upon a maximum price equal to the HUD maximum loan amount for the county in which the property is located. Borrowers must contribute 2% - 5% or $1,000 of their own funds into the purchase transaction, depending on the requirements of the first mortgage. Income limits are set for each county and must be at or below 80% of area median income adjusted by family size. Funds can be used for down payments and closing costs and pre-paid items related to the primary loan. HUD Median Income Limits: 80 Is this program for first time buyers only? Yes

Property Eligibility Requirements

Properties located in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Jefferson, Larimer and Weld Counties, Colorado are eligible for this program. The sales price cannot exceed $ $261,609 (Adams, Arapahoe, Broomfield, Denver, Douglas and Jefferson Counties); $280,749 (Boulder County); $197,980 (El Paso County); $212,800 (Larimer County); $218,025 (Weld County). Allowable property types: Properties must be sited on a permanent foundation with permanent utility hook-ups and may include: new or existing single family homes, condos, and PUDs.

Benefit Details

This loan is fully deferred with no monthly payments. It is due and payable in full at the end of ten years or if the property is sold. This program is a shared appreciation program. There are no prepayment penalties. The loan amount allowed is up to 5% of the maximum purchase price, which is $13,080 (Adams, Arapahoe, Broomfield, Denver, Douglas and Jefferson Counties); $14,037 (Boulder County); $9,899 (El Paso County); $10,640 (Larimer County); $10,901 (Weld County). Benefit: Fully deferred low interest loan to be used for down payments and closing costs. Loan Term: 10 years Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: Owner occupied primary residence only, and all co-borrowers must occupy. Funds may not be used if the purchase of the property results in or causes the displacement of any tenant residing at the premises. All repairs called for by inspections must be completed prior to closing.

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.