Denver recently announced the Metro Morgage Assistance plus program as a way to help more buyers reach the goal of homeownership. This program provides buyers with a 4% grant, that does not have to be repayed, that can be used towards a down payment and or closing costs.
There are a few guidelines that you need to meet in order to qualify for the grant in addition to qualifying for a regular mortage. These criteria include:
- Must makeless than $91,100 for households of two or fewer persons (and less than $103,000 for three or more).
- Must have aminimum FICO score of 640 (660 for manufactured homes) and a maximum debt-to-income ratio of 45.
- Even though a significant portion of your down payment will be supported by this grant, you may need to bring 0.5% (one-half of one percent of the total mortgage) to the closing on your own.
- Complete a HUD-approved homebuyer education class.
For more information on the program, click here. There are certain approved lenders who can help with the program so let me know if you need a good person to speak with about it. It is a great program to take advantage of, especially if the house needs work and you can save your money for a downpayment to go towards fixing the house up.
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