Folks:
The Denver Metro Mayors Caucus has a great opportunity -- again! It MAY NOT happen a third time, don't take the chance of waiting!!
The City and County of Denver and the Metro Mayors Caucus announced 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.
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
- 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.
(For eligible homebuyers, additional down payment assistance might be available outside of the Metro Mortgage Assistance Program. Homebuyers with household incomes at or below 80% of the area median income for the metropolitan Denver area may be eligible for additional down payment and closing costs up to 6% of the purchase price or $10,000, whichever is higher. Call Colorado Housing Assistance Corporation at 303-572-9445 to see if you qualify.)
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 a participating lender today! Program available while funds last.
Interested borrowers may make application to any participating lender beginning immediately; however, funds availability is contingent upon a successful bond closing. Assuming a successful closing, loans may close on or after August 10, 2007
Call me for a list of participating lenders!!!
Michael Clarkson
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