How To Get Free Money To Buy A Home

How to Get Free Money to Buy a Home?

Did you know there are many programs where you can get Free money for your home purchase?…Read on and if you have any questions contact me, Jerrod Butler at 719-425-9474, I’m an Accredited Buyer Representative from the National Association of REALTORS®.

I have helped many people get in to a home with No down payment money needed, no closing costs to be paid, and all earnest money returned at closing.  In most cases our clients walk out of closing with more money than they started with and have keys to their new home.  I hope you find this to be some great information.  These are Not grants that you have to pay back, it’s real Free Money.

1. Free Money – Up to 4% Down Payment Assistance – El Paso County Turnkey Program: 

This program gives you 4% of the purchase price for down payment money.  This program primarily helps those that need to get an FHA loan with the required 3.5% down payment requirement. If you are VA eligible then you don’t really need down payment assistance because the VA offers no down payment loans.  However those qualified for VA loans can still use this program.  This program applies to everyone, there is no first time home buyer requirement.  The loan types supported are Conventional, FHA, VA, and USDA loans.  This program actually Nets the buyer 3% free down payment assistance money because 1% is actually paid back to the program which doesn’t really make sense but that’s how it works.

The drawback to this program is that the interest rate is about .5% higher than a standard loan.  Another drawback is that the loan requires a 640 mid FICO credit score as opposed to the standard 620 mid FICO score.  So this program is only recommended if you can’t rub two nickels together and need down payment money to get in to a home. If you are VA eligible it doesn’t really make sense to use this program as you don’t need down payment money anyway and you’ll get a better interest rate with a standard VA loan not using this program.

There is no first time home buyer requirement, anyone can use it, however you can’t make more than $88,680 per year in income for 2 or fewer people that will live in the home and you can’t make more than $103,460 for 3 or more in the household.  Also your max home purchase price can only be $312,368. Read more if you like at the following link.  Only certain lenders are approved to use this program.
El Paso County Turnkey Program

2. Free Money – Up to $4,500 Rebate – Military Appreciation Program – Wish Property Group:

If you are on Active Duty, a Veteran, or a Surviving Spouse, we will give you up to 1% of the purchase price of the home!  On a $450,000 home purchase for example, that is $4,500 given to you at closing just for allowing me to be your Realtor to help you buy a home.  I want your business and I appreciate your service to the country and believe you deserve special perks like this. I am an Army Ranger Veteran and realize the tremendous sacrifice that many military families and service members go through.  Thanks again for your service!

This offer can be paired with any of the programs mentioned on this page, however the total closing costs offered by the seller and this military appreciation rebate can’t exceed 3% of the purchase price but it is rare that ever happens. So in most cases participants receive the full 1% military appreciation rebate from me.
Military Relocation Program

How this works is that the sellers in Colorado always pay the Buyer Agent commissions and we simply give you 1% of that commission that we get at closing.  We also offer a 1% Discount on Realtor Commissions when you Sell.  So that could total up to $9,000 in savings and rebates back to you capping the max purchase price for this program to $450,000 in either case whether you are buying or selling.

3. Free Money – Up to 3% Down Payment Assistance (DPA) – CHFA:

CHFA is the Colorado Housing and Finance Authority and their Down Payment Assistance (DPA) program gives you 3% to 5% of the purchase price for down payment money.  Again if you are VA eligible then you don’t really need down payment assistance.  This program is similar to the above mentioned Turnkey program however you only need a 620 mid FICO score as opposed to a 640 mid FICO score that the Turnkey program requires. As with the above mentioned Turnkey program, the drawback to this program is that the interest rate is about .5% higher than a standard loan and is best for those that don’t have any money on hand for a down payment.  There is no first time home buyer requirement for this loan program either.
Colorado Housing & Finance Authority (CHFA) – Down Payment Assistance (DPA)

4. Free Money – Up to 3% of Closing Cost assistance available – Fannie Mae:

Below are a couple of great links to programs from Fannie Mae (national private funding organization, google it).

The properties on their site are also on this site and in your property feed that I will set up for you in the local Pikes Peak MLS system (provided it is within the criteria we have set up for you).

It is worth pointing out that you may be able to take advantage of the two programs mentioned below with homes they offer which are also on our site here. (first look at newly listed foreclosed properties)  (up to 3% Closing Cost assistance, however there is a first time home buyer requirement).

5. Free Money – Up to 2% of Closing Cost assistance available – CHFA:

You can use the “CHFA Preferred” program to pay for up to 2% of Closing Cost and still use the CHFA Down Payment Assistance (DPA) program as mentioned in item 3 above.  The drawback of this program is that a higher interest rate of about .5% will apply for using this program.  This program allows you to get a Conventional loan with only a 620 credit score (typically it is 680) and only put 3% down (typically 5%) and get reduced mortgage insurance premiums. With this CHFA Preferred program, you have the option to pay all of your mortgage insurance upfront, reducing your monthly mortgage payment. The maximum income limits are $73,900 for 2 or less in the household and $84,900 for 3 or more in the household.

Colorado Housing & Finance Authority (CHFA) – How To Get A CHFA Loan

6. Get 50% off the purchase price of a home for Teachers, Firefighters, Police, and EMTs – HUD:

HUD stands for the department of Housing and Urban Development.  By getting one of these homes it is like Free Money in that you are saving 50% on the fair market value purchase price. These homes are far and few between and rare to find, but by closely monitoring for them, it is still possible to acquire these homes.

If you are a Teacher, Firefighter, Police, or EMT and there is a HUD home offering “Lottery” status and you work in the district of where that home is, then you have a good chance of winning a bid on that home.

We can help you by monitoring for those homes and letting you know as soon as they become available.  These homes are on the and are most times posted on the Pikes Peak MLS so they would be in the property feed that we already have set up for you.

These are just some of the great programs out there that most people just don’t know about.  We’ll help you find the best program to suit your needs.

We hope you found this to be great information and we hope we can help you “Realize Your Wish of Home Ownership!”®

Call Today at 719-425-9474 to get started on your journey to home ownership!

Jerrod Butler
Broker, Owner, Realtor
Wish Property Group, Inc.
[email protected]