|
|
What an amazing opportunity the City and County of Denver has provided the residents of select Colorado cites!
The Denver Metro Mortgage Assistance Plus Program offers down payment assistance. The down payment assistance amount can be applied towards your minimum down payment and/or closing costs.
The FHA minimum down payment is 3.5% of the purchase price.
The Conventional minimum down payment is 3.0% of the purchase price.
The Denver Metro Mortgage Assistance Plus Program offers down payment assistance. The down payment assistance amount can be applied towards your minimum down payment and/or closing costs.
The FHA minimum down payment is 3.5% of the purchase price.
The Conventional minimum down payment is 3.0% of the purchase price.
Down Payment Assistance Forgivable Second Mortgage
Assistance is secured in the form of a 0.00% interest, second mortgage, forgivable pro-rata every month (i.e., 1/36 of the principal balance will be forgiven monthly on the 1st day of each calendar month), for 36 months, with no scheduled payments.
The assistance may be used for the down payment, closing costs, and pre-paids. While there is no cashback in this program, the borrower may be reimbursed for any over payment of escrow.
Because the Assistance is a fixed percentage, any remaining Assistance must be applied as a principal reduction. Any remaining amount of the DPA second mortgage will only be due from the borrower if the first mortgage is prepaid, refinanced, or if the borrower sells, transfers or otherwise disposes of the property, including foreclosure, before the end of the 36 months.
The assistance may be used for the down payment, closing costs, and pre-paids. While there is no cashback in this program, the borrower may be reimbursed for any over payment of escrow.
Because the Assistance is a fixed percentage, any remaining Assistance must be applied as a principal reduction. Any remaining amount of the DPA second mortgage will only be due from the borrower if the first mortgage is prepaid, refinanced, or if the borrower sells, transfers or otherwise disposes of the property, including foreclosure, before the end of the 36 months.
How do I qualify for the Metro Mortgage Assistance Plus program?
The requirements for the Metro Mortgage Assistance Plus program are as follows:
Have questions? Call me today - 303-668-3350 or apply now!
- Have a minimum middle credit score of 640 (I will pull your credit report from all three bureaus)
- Have a maximum debt to income (DTI) ratio of 45% for FHA and up to 50% for Freddie Mac (I will calculate this for you)
- Annual Household Income of $139,200 or less
- Complete a HUD-Approved home buyer education class (see below)
- Complete my secure online loan application and meet standard loan guidelines for FHA, VA or Freddie Mac HFA Advantage.
Have questions? Call me today - 303-668-3350 or apply now!
Can I use the Metro Mortgage Assistance Plus program for homes outside of the Denver area?
Yes, you can use the Denver Metro Mortgage Assistance Plus program in the following cities:
The home has to be within the incorporated city limits of the participating city. In addition, Arapahoe County, Jefferson County and Boulder County are program participants for properties within unincorporated areas.
- The City and County of Denver
- City of Arvada
- City of Aurora
- City of Bennett
- City of Boulder
- City of Brighton
- City of Broomfield
- City of Castle Rock
- City of Centennial
- City of Commerce City
- City of Dacono
- City of Deer Trail
- City of Denver
- City of Edgewater
- City of Englewood
- City of Erie
- City of Evans
- City of Firestone
- City of Frederick
- City of Golden
- City of Greeley
- City of Lakewood
- City of Littleton
- City of Lochbuie
- City of Lone Tree
- City of Longmont
- City of Mead
- City of Northglenn
- City of Parker
- City of Sheridan
- City of Superior
- City of Thornton
- City of Westminster
- City of Wheat Ridge
The home has to be within the incorporated city limits of the participating city. In addition, Arapahoe County, Jefferson County and Boulder County are program participants for properties within unincorporated areas.
What types of properties qualify for Metro Mortgage Assistance Plus?
- Single Family Residence
- Condominium or Town home (must be an approved FHA complex)
- Duplex
Where can I complete my home buyer education class?
This in person class is free and there are locations all across the Denver Metro Area.
Call me, 303.668.3350, and I would be happy to assist you with scheduling your class.
Call me, 303.668.3350, and I would be happy to assist you with scheduling your class.
Is there a purchase price limit when using the Metro Mortgage Assistance Plus program?
Metro Mortgage Assistance Plus does not have a purchase price limit other than the loan limits imposed by FHA for each respective county. There is also no minimum loan amount.
What are the loan terms and interest rates?
The loan is a 30 year fixed mortgage originated through FHA or VA. The interest rate is slightly higher with the Denver Metro Mortgage Assistance Plus Program than the market rate for FHA and VA home loans however the interest rate is the same for everyone who qualifies. The rate is the same, regardless of your credit score as long as you meet the minimum threshold of 640 - everyone receives the same rate.
The interest rate is locked once we have successfully reserved the funds.
The interest rate is locked once we have successfully reserved the funds.
Are the closing costs the same as other mortgage loan programs?
The closing costs associated with the Metro Mortgage Assistance Plus program are slighty higher as we have to charge a 1.0% origination that is not normally charged on FHA or VA loans. This program also charges $250.00 to eHousingPlus and $400.00 to US Bank.
How long does it take to close this loan?
If you have are able to provide all required documentation initially or in a very timely manner, there is a good change we close under 30 days or sooner with ease.
Can I use the Metro Mortgage Assistance Plus program when I purchase an investment property?
No. The Metro Mortgage Assistance Plus program is strictly for owner occupied purchase transactions.
Do I have to be a first time homebuyer?
No. The Metro Mortgage Assistance Plus program does not have first time homebuyer requirements or guidelines.
How long does the Metro Mortgage Assistance Plus program last?
The City of Denver has established a revolving pool of $30 million to support this program. As the funds are revolving, the program will remain in place for the foreseeable future and provided there is demand.
Take advantage of this incredible opportunity that has been so graciously provided by the CIty and County of Denver!
Take advantage of this incredible opportunity that has been so graciously provided by the CIty and County of Denver!
How do I get started?
Call me today at 303.668.3350 to begin the prequalification process or click here to apply now!
