Introduction
Hello everyone! I'm Matt, your trusted mortgage guy. Are you eager to learn more about the multiple avenues available to make your home buying experience smoother and more cost-effective? You've come to the right place.

Table of Contents

The Charm of Chaffa
AFR's Exclusive Down Payment Assistance
A Unique 100% Down FHA Offer
Points to Ponder: Weighing the Costs

1. The Charm of Chaffa: Colorado’s Gem

Origin: Exclusive to Colorado
Features:
Offers either a 3% grant or 4% of your purchase price as a silent second.
This silent second will remain attached to your property until your loan is settled.
Acts as a second mortgage lien—stable and unchanging.
Advantages:
Minimum amount: A mere $1,000 can have you owning a house (subject to income qualifications).
Post seller concessions, this usually amounts to roughly $5-6k.
Set interest rates.
Requires a minimum credit score of 620.
My Take: A top-tier option that I am personally fond of.

2. AFR’s Exclusive Down Payment Assistance: Zero Down Wonder

Origin: Unique to Excel.
Features:
Offers 100% financing with zero down.
Grant options include a full 3.5% down or a 3% grant to cater to all associated costs.
Advantages:
No need for a second loan (unlike Chaffa).
Potentially zero out-of-pocket expenses, especially with seller concessions.
Links to more on AFR: Click here for comprehensive details.

3. A Unique 100% Down FHA Offer: Limitless Opportunities

Origin: Exclusive to Excel, reminiscent of Chenoa.
Features:
No income caps: Ideal for those earning below 135% of the max income limits relative to the median income of their locality.
Offers a choice between the 3.5% silent second or a secondary loan.
Advantages:
The secondary loan involves regular payments but at a marginally elevated interest rate. This results in a reduced interest rate on your principal loan.
More about this FHA offer: Click here for a deep dive.

4. Points to Ponder: Weighing the Costs

Down payment assistance is a phenomenal resource, but it's pivotal to be aware of the accompanying costs:
Typically, a higher interest rate.
Elevated closing costs.
Additional fees and procedural formalities like income limits.
They're an excellent stepping stone for first-time homeowners, but bear in mind, if saving for an outright purchase isn't viable for you, these programs might have slightly elevated costs. Remember, there's no such thing as a free lunch.
Conclusion
Thank you for investing your time with me. The realm of down payment assistance is vast and diverse, but I hope this guide provided clarity. While we've only scratched the surface, I hope this knowledge empowers your home-buying journey. Catch you soon in the next guide!