Ryan M Nash Home Loans Elevation Mortgage
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Down Payment Assistance Options

Lots of borrowers qualify for various loan programs, but they can't afford a down payment. Here are a few tips:

Borrow funds from your retirement plan

Research the specifics for your individual plan. Some people get down payment money from withdrawing funds from their Individual Retirement Accounts or pulling funds out of their 401(k) plans. Make sure you understand the tax consequences, repayment terms, and possible penalties for withdrawing early.

Ask for a gift from your family

Many home-buyers are sometimes lucky enough to receive down payment assistance from caring family members who are anxious to help get them in their first home. Your family members may be willing to help you reach the milestone of buying your own home.

Housing finance agencies 

We work with 2 specific state programs that can help you with down payment assistance. Your only obligation is to bring $1,000 to the closing table. 

CHAC

The Colorado Housing Assistance Corporation will loan you money toward your down payment and closing costs up to $10,000. This is a low interest loan that could cost you as little as $50/month. Terms, conditions, credit worthiness and income limits do apply. 

CHFA

The Colorado Housing and Finance Authority is a grant program that can give you up to 4% of the loan amount to cover down payment and closing costs, this will not need to be paid back and can be a great tool for people that struggle to come up with a down payment. Terms, conditions, income limits, credit worthiness and higher interest rates do apply.
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​NMLS #1493480
Company NMLS #2179191
Ryan M. Nash Home Loans​
Elevation Mortgage
Financed by Xpert Home Lending Inc.
7 E Bijou St Suite 217
Colorado Springs, CO 80903
Phone: ​(719) 629-7401
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  • Home
    • About | Ryan M Nash Home Loans
  • Mortgage Information
    • Home Loan Do's and Dont's >
      • First Time Home Buyers
      • Buying A Vacation Home
    • Credit >
      • How To Increase Your Score
    • Getting Pre-Qualified
  • Loan Options
    • Conventional Loans
    • FHA Loans
    • Jumbo Loans
    • VA Loans
    • Refinance Options >
      • Lower Your Payment
      • Pay Off Your Mortgage Faster
      • Debt Consolidation
      • VA Refinance
    • Rehabilitation Loans
    • Reverse Mortgage
    • Fixed vs Adjustable
  • Apply Now
  • Contact Us