News hit today that the City and County of Denver and the Metro Mayors Caucus announced a new program called the Metro Mortgage Assistance Plus program. This new funding initiative is aimed at encouraging homeownership for more Colorado residents.
The program offers a competitive rates on a 30-year fixed rate mortgage, with a 4% grant for downpayment and/or closing cost assistance.
This is money the borrower does not repay!
Unlike other downpayment assistance programs, there is no requirement that buyers be first-time owners, no time limit on when the buyer last owned a home, and no maximum purchase price. To qualify for this program, a buyer must complete free home buyer counseling, meet standard loan guidelines, including a credit score of at least 640, and fit within income limits of not more than $91,100 for households of two or fewer people, and not more than $103,000 for three or more.
The Metro Mortgage Assistance Plus program can be used to purchase any property in Denver or Littleton. Additional cities are expected to join the program. The assistance program applies to both new construction and existing homes, but the buyer does have to be an owner occupant (they must live in the home as their primary residence.)
As we’ve said before, buying is 56% less expensive than renting in the Denver Metro Area. With more downpayment assistance options available, can YOU afford to not buy a home in 2013???
Questions about this new program? Click Here to Contact Us today.
Want to know about other Colorado downpayment assistance programs? Click Here for more information.