Denver and Littleton launch home buyer assistance program
(Courtesy of The Denver Post)
The city and county of Denver and the Metro Mayors Caucus on Tuesday launched the Metro Mortgage Assistance Plus program, a new funding initiative aimed at encouraging homeownership for moderate- and low-income buyers.
The program offers a competitive, fixed-rate, 30-year mortgage, along with a 4 percent grant for down-payment and closing-cost assistance — money the borrower does not repay. Unlike past mortgage-assistance programs, there is no requirement that buyers be first-time owners, and there is no time limit on when the individual or family last owned a home. There also is no maximum purchase price.
Along with completing free home buyer counseling, each buyer needs to meet standard loan guidelines, including a credit score of at least 640 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.
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. The assistance program applies to both new construction and existing homes, but the home has to be the buyer's primary residence. Mortgage refinancing does not qualify.
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