Unlock Your Dream Home
The road to homeownership can be both exciting and daunting, with one major obstacle standing in the way of many potential buyers: the down payment. We understand that saving for that initial lump sum can feel like an uphill battle, but Luminate Home Loans Westminster is here to make your dream of homeownership a reality.
How Does Down Payment Assistance Work?
At Luminate Home Loans, we believe that a little help can go a long way when it comes to making your dream of homeownership a reality. That's why we're here to guide you through our down payment assistance program, specially designed to empower homebuyers like you
Our programs are your key to homeownership, and can offer the incredible advantage of a lower down payment. We make this possible by providing borrowers with a first lien FHA loan combined with a second mortgage designed to cover the 3.5% minimum contribution. The best part? Our second mortgages come with remarkably low-interest rates.
NEED HELP WITH YOUR DOWN PAYMENT?
Don't be stressed or embarrassed - housing is expensive and one of the biggest purchases of your life! Let us help guide you.
Qualifying for Down Payment Assistance Made Simple
Wondering how you can qualify for our down payment assistance program? It's straightforward, and we offer two paths to accommodate your unique circumstances.
- Deferred and Forgivable Second Mortgage (Income ≤ 115% of Median Income): If your qualifying income falls within or below 115% of the average median income, you can take advantage of our deferred and forgivable second mortgage option. This means you won't have to repay the assistance, making your path to homeownership even smoother.
- Non-Forgivable and Repayable Second Lien (Income > 115% of Median Income): If your income exceeds 115% of the average median income, you can still qualify for our down payment assistance program. In this case, the second lien is non-forgivable and repayable over time.
Breaking the Myth of 20% Down Payments
Contrary to common misconceptions, you don't need a hefty 20% down payment to open the door to your dream home. At Luminate Home Loans, we're committed to helping eligible borrowers secure their future homes with as little as 3% down payment. We understand that every homeowner's journey is unique, and we're here to support yours.
- No Income Limits, No Problem: Our Conventional Standard program has no income restrictions, making homeownership attainable for all, whether you're a first-time buyer or have a lower income.
- Nationwide Availability: Our assistance program is accessible across the United States in 49 total states, from Westminster, Colorado, to anywhere you call home.
- Low Credit Score? We Can Help: With a minimum FICO credit score requirement of 640, our Conventional Standard and HomeReady® programs offer solutions even if you've faced credit challenges.
If you're uncertain about your eligibility for our down payment assistance program, don't worry! Our friendly and experienced loan officers are here to assist you every step of the way. Reach out to us today, and we'll be delighted to guide you through the process, answering any questions you may have and helping you unlock the doors to your dream home in Westminster, Colorado and beyond.
Let’s Talk
Ready to embark on your path to homeownership with the Luminate Home Loans Westminster, Colorado Team? Let's get started! Contact us today and discover a world of possibilities for your new home.
