Metro Mortgage Assistance
Have you dreamed of owning a home but didn't think you could qualify for a mortgage? The City and County of Denver and the Metro Mayors Caucus announce the Metro Mortgage Assistance program! The City and County of Denver, along with over 20 other front-range cities, is offering a special mortgage assistance program for first-time home buyers with qualifying incomes. The first-time homebuyer requirement is waived if homes purchased are in Target Areas.
The Metro Mortgage Assistance program is designed to help homebuyers purchase a newly-constructed or existing home by providing a below market mortgage loan interest rate (as of 2/11/2008--6.33%) and a 4.00% grant for down payment and closing cost assistance. This program is targeted to low- and moderate-income households, and loans will be made on a first-come first served basis.
The loans are either FHA-insured, VA-guaranteed, Rural Housing Service (RHS), Fannie Mae or Freddie Mac eligible conventional 30-year fixed rate mortgages. A 1.00% Origination fee payable by the borrower or seller plus customary closing costs will be due at closing. This program is only available through participating lenders. Universal Lending Corporation is proud to be on the short list of lenders originating these loans. Please contact Chap VanDongen to see if there are currently any available funds.
Homes may be purchased in the following cities: Arvada, Aurora, Bennett, Brighton, Broomfield, Centennial, Dacono, Denver, Edgewater, Erie, Federal Heights, Frederick, Golden, Greenwood Village, Lafayette, Littleton, Lone Tree, Longmont, Louisville, Northglenn, Sheridan, Superior, and Westminster.
Program Details & Eligibility:
First-time homebuyers cannot have owned a home in the past three years (except in "Target Areas"). The first-time homebuyer requirement is waived for qualified veterans.
Maximum Household Income: For homes purchased in non-target areas: Families of 2 or fewer — $71,700 Families of 3 or more — $82,455 For homes purchased in Target Areas: Families of 2 or fewer — $86,040 Families of 3 or more — $100,380
Maximum Home Cost: Non-target areas — $365,175 Target areas — $446,325
Interest Rate: 30-year-fixed rate at 6.59%
Down Payment Assistance: 4% of the home loan amount is offered as a non-repayable grant for down payment and closing-cost assistance. All qualifying borrowers under the program will receive the 4.00% assistance.
Cost to Buyer: At mortgage loan closing, the lender will collect only a 1.00% origination fee and no discount points from the borrower or seller.
Target Areas: To lookup whether a property is located within a Target Area, DenverMaps offers a Real Property report. Simply enter the address, and check "Metro Mortgage Areas" under "Optional Map Layers."
Contact us today for more information! Program available while funds last.
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