Buoyed by successes from past homeowner programs and with an eye on the future, the City and County of Denver and the Metro Mayors Caucus today launched the Metro Mortgage Assistance Plus Program, a new funding initiative to encourage home ownership.œThere is no better way to help rebuild our local economy and expand the strength and vitality of our neighborhoods than to open the doors of home ownership to moderate and low-income buyers, said Denver Mayor Michael B. Hancock.
The program reduces the usual barriers to home ownership by providing a 4% grant for down payment and closing cost assistancemoney the borrower does not repayand can offer a competitive interest rate on 30-year mortgages. The program can currently be used to purchase any property in Denver or Littleton. Additional Metro Mayors Caucus jurisdictions are expected to join the program throughout the year.
Unlike past mortgage assistance programs, there is not a requirement that the buyers be first-time owners, and no time limit on when the individual or family last owned a home. There is also no maximum purchase price.
Interested buyers are encouraged to work with one of the 13 pre-approved lenders who are participating in the program. Along with completing free homebuyer counseling, each buyer needs to meet standard loan guidelines (a FICO of at least 640 and a debt-to-income ratio of 45) and income limits (not more than $91,100 for households of two or fewer people, and not more than $103,000 for three or more).
œIt's the down payment and closing cost help that we believe will really make the difference for these individuals and families, said Paul Washington, executive director of the Denver Office of Economic Development. œThis is just the right program for people who have worked so hard to reach the dream of home ownership, and are so close to making it happen. With our help, we can boost these dreams right over the top.
The participating lenders include the following:
Air Academy Federal Credit Union, 800-223-1983
Commerce Mortgage, 303-770-2686
Citywide Home Loans, 303-996-7000
Cornerstone Home Lending, 970-797-3717
Ent Federal Credit Union, 800-525-9623
Peoples Mortgage, 303-302-3125, 303-224-3442
Real Estate Mortgage Network (REMN)
Rocky Mountain Mortgage Specialists, Inc., 303-773-6106
Summit Mortgage Corporation, 303-779-0591, 720-200-9480
The Mortgage Network, 303-990-2992
Universal Lending Corporation, 303-758-4969
V.I.P. Mortgage
WR Starkey Mortgage, 720-489-0712, 303-757-0300, 303-671-8733
Buyers are encouraged to contact these lenders directly and indicate their interest in the Metro Mortgage Assistance Plus program. Single-family homes, condominiums, townhomes and manufactured homes qualify for the program, with the requirement that the owner occupy the home as a primary residence. Mortgage refinancing does not qualify.
The renewable fund will be available on a first-come, first-served basis through December 31, 2014, or while funds remain. For more information on the Metro Mortgage Assistance Plus Program, visit www.denvergov.org/housing.
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