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Metro Mortgage Assistance (MMA)

Posted on March 20, 2013 by Ray Williams.

Summit is proud to offer  the New Metro Mortgage Assistance Program.  Only 8 lenders in the Metro Denver are authorized and we are proud to be one of them.  This is another great effort for help in rebuilding our community, programs such as this are promoting neighborhood stabilization and creating home ownership throughout Metro Denver.

Everyone needs a little help sometimes, and help is here with this new loan program.

What is Metro Mortgage Assistance (MMA)?

It is a loan that includes a grant for 4% of the note for down payment assistance.  Again, this is a grant, NOT a second loan/note.  It is being offered to City and County of Denver and in participating MMC jurisdictions (contact us for more details).

What makes this down payment assistance program different?

  • NO First-time home buyer requirement
  • DPA is a grant, not a loan
  • DPA is 4% (other DPA programs 3%)
  • Loan Application Income qualifies-NOT Total Household Income

Who is Eligible?

  • FICO mid score must be 640 or higher
  • Max DTI ratio 45%
  • Must have an Government loan (FHA, VA, USDA)
  • Must be purchasing a primary residence
  • Must occupy property within 60 days of closing

*There are income limitations so please be sure to check out our Page with detailed information and contact us for further questions.

This program is a first come, first serve basis, so give us a call, contact us today to reserve your funds!  Click here to complete a secure online loan application!  Make sure to also find out about the Mortgage Credit Certificate (MCC), another great program(not a loan, a tax credit available to first-time home buyers!).

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Cheers~

Ray Williams

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