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Are non-occupying co-borrowers allowed for the Boulder County Down Payment Assistance Program?

April 26, 2017allowed boulder county co-borrowers down payment non-occupying program

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Are non-occupying co-borrowers allowed for the Boulder County Down Payment Assistance Program?

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Yes. Non-occupying co-borrowers are allowed if a homebuyer will be purchasing a home that is not part of the Community Housing Program. The co-borrower must provide the Program with a letter stating that they will not be living in the house and their income will not be contributing to the house payments. A co-borrower will be listed on the City’s deed of trust and promissory note for the loan and will be legally responsible for the repayment of the down payment assistance loan.