New Mortgage Assistance (downpayment) Program Now Available for Denver metro area Homebuyers – Rachel Betz Real Estate
The Metro Mayor’s Caucus and the City and County of Denver recently announced the launch of a new $15 million grant program to help low and moderate income individuals and families purchase homes within the city boundaries of Denver, Edgewater, Littleton (city only, not Douglas County), Dacono, Sheridan, & Arvada (just added). Check back daily, as more cities will be added to the program in coming weeks.
The program was designed to enhance and help build the local economies in these cities, and also to provide much-needed financial assistance to prospective homebuyers who may otherwise be unable to afford a down payment. Many homebuyers who can afford to make their own downpayment are also taking advantage of this program. It’s an incredible opportunity for any Buyer who can qualify! The most significant aspect of the program, entitled “Metro Mortgage Assistance Plus,” is that it provides recipients with down payment and closing cost assistance of up to 4 percent of the value of the loan that will be used to pay for the property. Furthermore, the funds do not have to be paid back to the program! It’s like receiving a free money gift!
The program is slated to be ongoing through December 2014, and funds will be distributed on a first-come, first-served basis. And while the program is currently only valid on homes purchased within the cities of Denver, Edgewater & Littleton (city only, not Douglas County), Dacono, Sheridan, & Arvada. The Denvergov.org website notes that additional Metro Mayors Caucus jurisdictions are expected to join the program in the future.
Qualifications – You do have to qualify for the Metro Mortgage Assistance Plus program in order to receive it. The top qualifying factors are the following:
Income – Your income must be less than $91,100 for households with two or fewer people (and less than $103,000 for households with three or more people).
Credit – You must have a minimum credit score of 640 (and slightly higher if you are considering the purchase of a manufactured home).
Debt-to-Income Ratio – The maximum debt-to-income ratio allowed for this program is 45.
HUD Education – You must be willing to complete a HUD-approved homebuyer education course.
Money for Closing – While the program provides significant assistance with down payment and closing costs, you must be able to bring a small down payment – - equal to one half of one percent of the total mortgage – - to the closing.
Primary Residence – The program does require that the homebuyer(s) use the property as his/her/their primary residence. Unlike many other popular and well-known mortgage assistance programs, this particular program does not have any type of first-time homebuyer requirement. Additionally, the program allows for the purchase of a single-family detached house, a condominium or townhome, a duplex, or a manufactured home.
Mortgage Lenders – I can connect you with a terrific mortgage lender who can best assist you with the Metro Mortgage Assistance Plus program. Call me for a great lender referral. Contact me if you would like additional information on the Metro Mortgage Assistance Plus program! If you are looking to purchase a home in Denver or Littleton, and if you think you may meet the criteria of this program, I will assist you through every step of the process. Rachel Betz Real Estate 303-534-5000.
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