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Metro Mortgage Assistance Program

Posted on September 7, 2007 by Ray Williams (NMLS #216267).

Good day to you! I wanted to pass along some exciting news that has become available to us since our joining the Summit Mortgage Team. We now have access to a special bond program that is available through the state for first time home buyers. Now don’t get distraught if you are not a first time buyer. If you buy in a target area you can qualify also. Read below for more information or visit www.denvergov.com to read more through their homeowner programs. After reading, give me a call if you would like to get pre-approved for this program.~ Ray

The following is from www.denvergov.com

“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.

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 Ray at 303-779-0591 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.””

If you are interested in learning moer about how to qualify for this loan fill out a loan application on the site here or call me at 303-779-0591~

Enjoy your weekend!

Ray

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