Since 1952, Colonial has helped
potential homebuyers achieve their dream of home ownership. We take great pride in offering a variety of
loan programs that fit the needs of all our customers. Colonial is excited to offer a Down Payment and Closing Cost Assistance Program for first-time homebuyers with low, moderate or middle income.
Many people still believe that to be eligible to purchase a home you must put 20 percent toward your down payment. That's just not true. Colonial's Homebuyer Assistance Program can help potential homebuyers who qualify by providing grants that assist with down payment or closing costs.
At A Glance:
- Eligible first-time borrowers in Texas and Colorado can receive up to $5,000 in down payment or closing cost assistance
- Funds are a grant and do not have to be repaid
- Owner occupied primary residences only (no rentals or investment properties)
- Refinance loans are not eligible
- Available to low, moderate or middle income buyers as defined by state/county and family size. Your loan officer can help determine your eligibility
- All applicants must complete homebuyer education
How do I know if I qualify?
Colonial participates in a variety of assistance and grant programs. Please contact your
Loan Officer to find out more information.
Rates and terms subject to change. All loans subject to underwriting approval. Acceptance of down payment assistance or closing costs from the Lender may be determined to be income for the purposes of reporting to the IRS. You will receive a 1099 if the loan closes under the CHAP Program. Consult your tax advisor.