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, & Dacono (just added). The Metro Mortgage Assistance Plus 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 down payment are also taking advantage of this program. It’s an incredible opportunity for any Buyer who can qualify!
The program 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. The funds do not have to be paid back.
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.
Contact me if you are interested in seeing if you qualify for this terrific program!