Colorado First Time Home Buyer Tax Credit. A first time homebuyer savings account allows any coloradan to set aside up to 50 000 toward the costs of closing on a new home. The down payment assistance program is available to use with an fha loan.
You must have a minimum credit score of 620 or higher. Borrowers also have to have a mid credit score of. Some of the assistance out there is available to first time home buyers but the chfa grants are available regardless if you ve owned a home before.
You must be a first time homebuyer who receives housing assistance payments from the public housing authority.
In 2009 congress increased the amount first time buyers could earn to 8 000. Colorado first time home buyer programs offer specialized loans down payment assistance and tax credits to help you afford your first home. This tax credit was up to 7 500 for first time homebuyers which was very exciting at the time. These accounts are simple and easy to set up.