Buoyed by successes from past homeowner programs and with an eye on the future, the City and County of Denver and the Metro Mayors Caucus are offering the Metro Mortgage Assistance Plus Program, a new funding initiative to encourage home ownership.
“There is no better way to help rebuild our local economy and expand the strength and vitality of our neighborhoods than to open the doors of home ownership to moderate and low-income buyers,” said Denver Mayor Michael B. Hancock.
The program reduces the usual barriers to home ownership by providing a 4% grant for down payment and closing cost assistance—money the borrower does not repay—and can offer a competitive interest rate on 30-year mortgages.
The program can currently be used to purchase any home in Denver, Arvada, Aurora, Brighton, Centennial, Dacono, Edgewater, Englewood, Golden, Lakewood, Littleton, Parker, Sheridan, Westminster, or Wheat Ridge (the home must be within the incorporated city limits of the participating city). In addition, Jefferson County is a program participant for properties within its unincorporated areas. Additional Metro Mayors Caucus jurisdictions are expected to join the program throughout the year.
Unlike past mortgage assistance programs, there is not a requirement that the buyers be first-time owners, and no time limit on when the individual or family last owned a home. There is also no maximum purchase price. Read more