Denver and Metro Mayors Program for First-Time Homebuyers
- Program Offers Stable, Conventional Fixed-Rate Mortgages
The Denver Office of Economic Development and the Metro Mayors Caucus are proud to announce an extension of the popular
Metro Mortgage Assistance first-time homebuyers program. First-time homebuyers in many parts of the Denver metro area can now get a 4%
down payment assistance grant and 6.59% 30-year fixed rate mortgage through the program.
Cities throughout the Front Range yesterday contributed a total of $32.5 million in bond issuing capacity to continue funding the program, which offers mortgage loans (FHA, VA, RHS, Fannie Mae and Freddie Mac eligible conventional) accompanied by a grant for down-payment and closing-cost assistance equal to 4% of the original loan amount. Participating jurisdictions include: 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 and Westminster.
“Expanding affordable home ownership opportunities not only strengthens our region’s economic development efforts, but also enhances asset building among metro Denver residents,” said Denver Mayor John Hickenlooper. “The continued success of this program will strengthen our neighborhoods and create pathways to economic opportunity for citizens throughout our region.”
The Metro Mortgage Assistance program helps first-time homebuyers achieve a low 30-year fixed rate mortgage that provides them with a steady mortgage payment, keeping borrowers secure from rising interest rates and increasing payments. The down payment assistance is a non-repayable grant that helps give buyers a head start toward building equity in their home.
“The largest barrier to home ownership many families face is lack of a down payment,” said Louisville Mayor Charles Sisk, who is chairman of the Metro Mayors Caucus. “The Metro Mayors Caucus is pleased to continue our long-standing support and encouragement of home ownership by providing a way for families to achieve and afford the American dream of owning their own home.”
To be eligible for the Metro Mortgage Assistance program, annual family income cannot exceed $71,700 for families of one or two persons and $82,455 for families of three or more. The maximum home cost under the program is $365,175. Eligible prospective homebuyers cannot have owned a home in the last three years, except in specified targeted areas. Higher income and purchase price limits are also available in those targeted areas.
The Metro Mortgage Assistance program launched in August 2006, when Denver and numerous metro area cities pooled together $25 million in bond issuing authority to fund the first-time homebuyer mortgages. In April 2007, an additional $32.5 million in bond issuing capacity was issued. More than 360 families have purchased homes through the program.
More information on the program is available at
www.milehigh.com/housing.
Interested potential homebuyers may contact any of the mortgage lenders participating in the program:
- Air Academy Federal Credit Union (720) 208-7440
- American Liberty Mortgage, Inc. (303) 458-3778
- Chase Home Finance (303) 759-6758; (303) 504-3183
- Cherry Creek Mortgage (303) 226-8711; (303) 302-8102
- Clarion Mortgage Capital, Inc. (303) 948-1711
- Colorado State Bank and Trust (303) 861-2111
- Countrywide Home Loans, Inc. (303) 333-1385; (303) 716-7997
- DHI Mortgage (720) 488-2080
- First Community Bank (303) 789-0660; (303) 729-3652
- Guaranty Mortgage Bank (303) 996-1625 ext. 240
- Peoples Mortgage Corporation (719) 531-5577; (800) 650-3300
- Summit Mortgage Corporation (720) 200-9480
- Universal Lending Corporation (303) 758-4969
- Wells Fargo Home Mortgage (303) 790-8601; 303-460-1856
- WR Starkey Mortgage LLP (303) 757-0300; (303) 489-0712
Prepared by Derek Woodbury, Marketing/Public Relations Specialist
Denver Office of Economic Development www.milehigh.com