Q: What is Northeast Colorado Housing?
A: It is a non profit organization working to help families purchase or repair their existing home at an affordable cost to them.
Q: Who Qualifies for NECHI’s assistance?
A: Household income not to exceed the following guidelines:
- 1 Person: $34,000
- 2 Persons: $38,850
- 3 Persons: $43,700
- 4 Persons: $48,550
- 5 Persons: $52,450
Q: How much money will I be able to borrow?
A: The amount of money varies according to the needs, equity in house and ability to repay.
Q: What is the interest rate and how long do I have to repay the loan?
A: Interest rate will depend on your income, debt and other factors. The length of the loan will vary based on loan amount and income to debt ratio.
Q: Are there any other requirements for me to get a home rehabilitation loan?
A: The requirements are:
- 80% must be used for health and safety concerns.
- The house must appraise for enough to cover the loan amount.
- Must be your primary residence.
- House must be insured.
Q: What are the requirements for a down payment assistance loan?
A: The requirements are:
- Interest rate in normally 5% for 5 years APR 5%.
- Maximum amount of loan is $5,940.
- Down payment requirements can vary between Rural Development and Conventional loan products.
- 3.5% down payment required for FHA loans.
- Home buyer education class is required.
- House is your primary residence.