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Affordable Housing Ownership Program

Denver's affordable housing ownership program is specifically designed to help qualified, modest-income residents own safe, affordable condos and houses. It is delivered based on the important premises of the Denver Inclusionary Housing Ordinance (IHO) which was in place prior to Denver's establishment of its Dedicated Fund for Housing. Although the IHO will not be in effect after January 1, 2017 for new and future construction, many affordable for-sale units in Denver are still protected by long-term convenants that the IHO helped create.

LEARN MORE: A good place to start would be with our frequently asked questions for people interested in purchasing an affordable unit. This will provide details about the income verification process that is required. The city has made several important policy changes to this income verification process, summarized here.

OTHER STAKEHOLDERS: There are also FAQs available for the current owner of an affordable unit, developers and builders of affordable units, and real estate professionals who work in the affordable housing industry.

COUNSELING: Before you can purchase an affordable unit, you will need to complete a homebuyer counseling program. Here is the list of centrally located nonprofit organizations who provide the housing counseling that you must complete. There are other approved providers throughout the metro area as well.

Demand for affordable units to buy greatly exceeds available supply, and we work hard to complete applications for income verification on a priority basis. If you can't find the information here that you're seeking, inquiries can be sent to affordablehousing@denvergov.org or by calling 720-913-1634.

 

In addition to our Affordable Housing Ownership Program, Denver offers two excellent programs that help a broad spectrum of homebuyers! 

 

metro mortgage assistance plus

The Metro Mortgage Assistance Plus Program is a special grant program for low and moderate income individuals and families that seeks to bring the dream of home ownership within reach. We know that lacking the funds for a down payment is often a barrier to home ownership. As you apply for a 30-year fixed rate mortgage, we help with down payment and closing cost assistance of up to 4% of your loan!

Do I have to pay back this down payment grant in the future?

No! This is your incentive to take the exciting step to apply and qualify for a home mortgage.

How do I find out whether I qualify?

Your lender will help you explore your specific income, debt and credit factors. Unlike previous mortgage assistance programs you may have heard of, there is no requirement that you be a first-time buyer.

Your income needs to be less than $100,680 for households of two or fewer persons (and less than $117,460 for three or more).

 Do I still need to meet other guidelines?

Yes, as with any mortgage you do need to meet the standard loan guidelines.

This program asks that you have a minimum FICO score of 640 and a maximum debt-to-income ratio of 45, and we also require that you complete a HUD-approved homebuyer education.

And even though a significant portion of your down payment will be supported by this grant, you may need to bring 0.5% (one-half of one percent of the total mortgage) to the closing on your own.

For example, a house you might purchase for $160,000 might require 4% as the down payment plus closing costs, or $6,400. This program would grant you $5,600 of that amount, but you would need to contribute $800.

Where do I get this free homebuyer counseling--the education that you require?

There are a number of nonprofit organizations that provide this service. You may select any certified provider of this training based on its location and convenience to your home or work. 

Denver Housing Authority, (720) 956-3806
codonn@denverhousing.org
DHA’s mission is to serve the residents of Denver by developing, owning, and operating safe, decent and affordable housing in a manner that promotes thriving communities.  Their goal is for every individual or family to have quality and affordable housing, in communities offering empowerment, economic opportunity, and a vibrant living environment.

Southwest Improvement Council, (303) 934-2181   
SWIC’s mission is to empower people, improve the quality of their lives, and advance human rights by tackling challenging community issues at little or no cost to customers.  SWIC is dedicated to serving the people of southwest Denver by providing a variety of services. 

Brothers Redevelopment, Inc., (303) 202-6340
Brothers Redevelopment, Inc. is a local, non-profit housing redeveloper, founded in 1971 by a Mennonite minister, a Lutheran minister, and a Catholic layperson. Since then, the agency has concentrated on programs that allow low-income elderly and disabled persons to continue living independently in their homes and communities.

Northeast Denver Housing Center, (303) 377-3334     
Northeast Denver Housing Center (NDHC) purchases, rehabilitates and sells homes to low- and moderate-income families located in Denver. The NDHC lease-purchase "Homeownership incubation program" allows families to move into the homes they intend to buy and work on their "bankability" with the help of NDHC housing counselors.

Del Norte Neighborhood Development Corporation, (303) 477-4774 ext. 18                       
Del Norte helps build quality, affordable housing; maintains and upgrades existing housing; and assists economic growth through employment and entrepreneurial opportunities to benefit low- and moderate-income families and individuals. Del Norte has several assistance services ranging from a $1,000 closing grant to a $10,000 deferred loan.

Boulder County Housing & Financial Counseling Program, (720) 564-2279
Homebuyer education and financial assistance for residents throughout the county. Part of Boulder County Housing & Human Services, with offices in Boulder and Longmont. 

Colorado Housing Assistance Corp., (303) 572-9445    
Colorado Housing Assistance Corporation (CHAC) offers down-payment assistance and homebuyer education classes for first-time home buyers. Down payment assistance comes in the form of a low-cost loan, and borrowers are required to contribute at least $1,000 of their own funds toward their down-payment and closing costs. CHAC’s homebuyer education classes introduce first-time homebuyers to special assistance programs and below market rate loans.
 
Colorado Housing and Finance Authority, (303) 297-2432
Colorado Housing and Finance Authority (CHFA) provides funds to finance the places where people live and work throughout Colorado. CHFA has been making dreams come true for over 30 years. CHFA offers low-interest loans, home buyer education classes and additional resources to help you with the purchase of your new home.

NEWSED Community Development Corporation, (303) 534-8342
NEWSED CDC offers services for home buyers including down-payment assistance and homebuyer education. Low-interest loans and Individual Development Accounts (IDA) are provided to assist with down payment and closing costs. IDAs are savings accounts that are matched for down payment and closing costs. Borrowers must contribute at least $1,000 of their own funds. NEWSED CDC offers monthly homebuyer education workshops and one-on-one counseling. It also provides foreclosure prevention.

In addition, any HUD approved housing counseling agency is acceptable. For a complete list of agencies, visit http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm.

What sorts of homes or properties can I purchase?

  • Single-family, detached house 
  • Condominium or townhome
  • Duplex

You must occupy the home as your primary residence. We do not have a limit on the property price beyond what your lender believes you can qualify for. Note: This program does not include refinancing of properties you already own.

Where should the home I buy be located?

At this time, any home in Denver, Arvada, Aurora, Bennett, Boulder, Brighton, Broomfield, Castle Rock, Centennial, Commerce City, Dacono, Edgewater, Englewood, Firestone, Golden, Lakewood, Littleton, Parker, Sheridan, Thornton, Westminster, or Wheat Ridge can be purchased through this program; the home must be within the incorporated city limits of the participating city. In addition, Arapahoe County, Jefferson County and Boulder County are program participants for properties within unincorporated areas. Additional Metro Mayors Caucus jurisdictions are expected to join the program throughout the year.

Who are the mortgage lenders?

We’re pleased that the following lenders have offered to work on this program because they know that it represents a small but significant boost to increasing home ownership—which in turn builds the overall strength and vitality of neighborhoods. They are:

Academy Mortgage Corporation, 303-914-3846                                 
Air Academy Federal Credit Union, 800-223-1983 
All Western Mortgage, 720-489-4445, 303-453-9978 
AMCAP Mortgage Ltd., 713-343-1644
American Financing Corporation, 303-695-7000 
American Pacific Mortgage Corporation, 916-960-1265 
America's Mortgage, 303-996-2400 
Amerifirst Financial Inc., 480-344-1982
AmeriPro Funding, Inc., 303-802-1799 
Axia Home Loans, 720-980-2886
Bay Equity LLC, 415-820-4555
Caliber Home Loans Inc., 720-439-3300, 720-398-0406 
Castle & Cooke Mortgage LLC, 801-461-7100 
Catalyst Lending Inc., 303-843-4540
Cherry Creek Mortgage, 303-226-8835 
Citywide Home Loans, 303-996-7000
CMG Mortgage, Inc. dba CMG Financial, 925-983-3296
Commerce Mortgage, 303-770-2686  
Cornerstone Home Lending, 303-957-2516  
Corridor Mortgage Group Inc., 443-574-2580
DAS Acquisition Company LLC, 314-628-2117
DHA Financial Inc., 303-217-5620 
DHI Mortgage, 512-533-1750
Diamond Residential Mortgage Corporation, 847-244-2170 
ENT Federal Credit Union, 800-525-9623 
Envoy Mortgage, 713-993-4434 
Everett Financial, Inc. dba Supreme Lending, 214-340-5225 
Fairway Independent Mortgage Corporation, 866-912-4800 
Finance of America Mortgage
Financial Funding Solutions dba 1st Mortgages, 303-798-6100
First California Mortgage Company, 720-389-0033, 720-389-0022
First Centennial Mortgage Corporation, 630-806-2112
First Choice Loan Services Inc., 866-970-3400
First National Bank of Omaha, 402-602-5305 
First Option Mortgage LLC dba First Option Lending, 303-803-1900 
Franklin American Mortgage Company, 720-381-5045 
Gateway Mortgage Group LLC, 972-725-7061
Georgetown Mortgage, 303-229-2684, 512-930-7888 
Goldwater Bank N.A., 303-740-1477 
Guaranteed Rate Inc., 303-285-1607, 303-668-6699 
Guaranteed Rate Affinity, 773-516-6900
Guild Mortgage, 720-746-4060
Hallmark Home Mortgage LLC, 260-469-0903
HomeBridge Financial Services, 720-644-3117 
Ideal Home Loans LLC, 303-783-3983 
Land Home Financial Services Inc.
LeaderOne Financial Corporation, 800-270-3416 
LoanDepot.com LLC, 877-431-0100
Loan Simple Inc., 303-565-2637
LoanStar Home Lending, 855-347-7691
Marketplace Home Mortgage, 952-278-3421
Megastar Financial, 303-321-8800
Moria Development Inc. dba Peoples Mortgage, 480-752-3530 x8119
Mortgage Solutions of Colorado LLC, 719-955-2340 
Nations Reliable Lending LLC, 713-275-1300
New American Funding dba Broker Solutions Inc., 303-521-7169, 1-877-884-3452 
NorthStar Bank of Texas, 719-235-5104 
Nova Home Loans, 303-803-1030, 720-279-5900, 720-387-3000 
On Q Financial Inc., 480-305-6216
Pacific Union Financial LLC, 469-804-1527
Peoples National Bank, 970-818-8930
Primary Residential Mortgage, Inc., 303-256-5748 
Republic Mortgage Home Loans, Inc., 800-288-9400 
Right Start Mortgage, 626-739-5303
Rocky Mountain Mortgage Specialists, Inc., 303-773-6106
Security National Mortgage Company, 303-771-0858
Stearns Lending LLC, 714-437-3664
Summit Funding Inc., 916-692-2934
Summit Mortgage Corporation, 303-779-0591, 720-200-9480 
Synergy One Lending Inc., 619-794-1874, 619-374-2429
The Mortgage Company, 303-300-1850 
Thompson Kane & Company LLC
Universal American Mortgage Company dba Eagle Home Mortgage, 720-836-4879 
Universal Lending Corporation, 303-758-4969 
V.I.P. Mortgage Inc., 303-407-0100  
Vectra Bank Colorado, 720-947-7630
Weststar Mortgage Corporation, 303-210-7502 
WR Starkey Mortgage, 303-757-0300, 303-671-8733

How do you become a participating lender?

In order to become a participating lender in this program, participants must be a mortgage banker, an FHA and VA approved mortgagee, and become an approved mortgage lender with the master servicer, US Bank Home Mortgage. If your company meets these qualifications and would like to become a participating lender in the Denver MMA Plus program, please execute and return the Lender Agreement and the US Bank Lender Contact Information Sheet, which can be found below, as well as a Lender Participation Fee of $1,000 (check made payable to “City and County of Denver”).  Please return these three requested items to the attention of Jennnifer Payne at Raymond James, Two Buckhead Plaza, Suite 702, 3050 Peachtree Road NW, Atlanta, GA 30305.  Should you have any questions, interested lenders may contact Jennifer Payne (jennifer.payne@raymondjames.com) for more information.

US Bank Lender Contact Information Sheet

Lender Agreement

How long will this opportunity last?

 

The City of Denver has established a revolving pool of $30 million to support this program. As the funds are revolving, the program will remain in place for the foreseeable future, as long as demand continues.

How do I get started?

Contact a participating lender, tell them that you’re interested in the “Metro Mortgage Assistance Plus Program,” and begin the process today to become the metro area’s newest homeowner!

For Denver residents, there is the potential for qualified borrowers to receive a federal tax credit of up to $2,000 annually as well. Ask your lender whether you meet Mortgage Credit Certificate Program requirements found below.

mortgage credit certificate program

Denver's Mortgage Credit Certificate (MCC) program allows qualifying borrowers to receive an annual federal income tax credit equal to 25% of the annual interest they pay on their mortgage loan ($2,000/year maximum). The tax credit enables a taxpayer to subtract the amount of credit from his or her annual total federal income taxes. Borrowers may choose to adjust their W-4 withholding to account for the tax-credit benefit and receive a higher net monthly income. Any excess credit from the MCC may be carried forward for up to three subsequent tax years.

May 20, 2016 through December 31, 2018, as long as program funds remain.

ELIGIBLE MORTGAGORS:

First-time Homebuyers: Cannot have owned a home in the past three years (except in "Targeted Areas" and for Qualified Veterans).

Mortgage loans under the program may be made to qualifying borrowers in the City & County of Denver.

Homebuyer Education is required for all borrowers.

MAXIMUM INCOME LIMITS:

 

 Non-targeted    

 Targeted

 Families of 2 or fewer  

 $100,680

 $100,680

 Families of 3 or more

 $117,460

 $117,460


 MAXIMUM PURCHASE PRICE:

   Non-Targeted      Targeted
 1-Family Residence       $454,236  $555,177


ELIGIBLE LOANS: 

Terms and interest rate of the mortgage loan are set by the lender, though must be fixed-rate and not exceed 40 years.

TARGETED AREAS:

Targeted Areas are certain census tracts designated by HUD as underserved in the mortgage loan origination. To view the specific targeted areas for the MCC program, please click here to see a map. To look up a specific address, please enter the property information on the FFIEC Geocode website and compare the census tract code provided to the list below.

Census Tract Codes for the MCC program: 6, 7.02, 8, 9.02, 9.03, 9.04, 9.05, 11.01, 14.01, 15, 18, 19.01, 24.03, 35, 36.01, 44.04, 45.03, 45.04, 45.05, 45.06, 68.13, 70.06, 70.37, 70.89, 83.12, 155, 156, 9800

There are a number of nonprofit organizations that provide this service. You may select any certified provider of this training based on its location and convenience to your home or work. 

Brothers Redevelopment, Inc., (303) 202-6340
Brothers Redevelopment, Inc. is a local, non-profit housing redeveloper, founded in 1971 by a Mennonite minister, a Lutheran minister, and a Catholic layperson. Since then, the agency has concentrated on programs that allow low-income elderly and disabled persons to continue living independently in their homes and communities.

Denver Housing Authority, (720) 956-3806

Northeast Denver Housing Center, (303) 377-3334     
Northeast Denver Housing Center (NDHC) purchases, rehabilitates and sells homes to low- and moderate-income families located in Denver. The NDHC lease-purchase "Homeownership incubation program" allows families to move into the homes they intend to buy and work on their "bankability" with the help of NDHC housing counselors.

Del Norte Neighborhood Development Corporation, (303) 477-4774 ext. 18                       
Del Norte helps build quality, affordable housing; maintains and upgrades existing housing; and assists economic growth through employment and entrepreneurial opportunities to benefit low- and moderate-income families and individuals. Del Norte has several assistance services ranging from a $1,000 closing grant to a $10,000 deferred loan.

Boulder County Housing & Financial Counseling Program, (720) 564-2279
Homebuyer education and financial assistance for residents throughout the county. Part of Boulder County Housing & Human Services, with offices in Boulder and Longmont. 

Colorado Housing Assistance Corp., (303) 572-9445    
Colorado Housing Assistance Corporation (CHAC) offers down-payment assistance and homebuyer education classes for first-time home buyers. Down payment assistance comes in the form of a low-cost loan, and borrowers are required to contribute at least $1,000 of their own funds toward their down-payment and closing costs. CHAC’s homebuyer education classes introduce first-time homebuyers to special assistance programs and below market rate loans.
 
Colorado Housing and Finance Authority, (303) 297-2432
Colorado Housing and Finance Authority (CHFA) provides funds to finance the places where people live and work throughout Colorado. CHFA has been making dreams come true for over 30 years. CHFA offers low-interest loans, home buyer education classes and additional resources to help you with the purchase of your new home.

NEWSED Community Development Corporation, (303) 534-8342
NEWSED CDC offers services for home buyers including down-payment assistance and homebuyer education. Low-interest loans and Individual Development Accounts (IDA) are provided to assist with down payment and closing costs. IDAs are savings accounts that are matched for down payment and closing costs. Borrowers must contribute at least $1,000 of their own funds. NEWSED CDC offers monthly homebuyer education workshops and one-on-one counseling. It also provides foreclosure prevention.

In addition, any HUD approved housing counseling agency is acceptable. For a complete list of agencies, visit http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm.

The following lending institutions are approved participants in the MCC program for 2017:

American Dream Mortgage
American Pacific Mortgage Corporation, 720-358-3791
Cherry Creek Mortgage Company Inc., 303-331-4342
Cornerstone Home Lending, 303-395-3905, 303-957-2510, 303-957-2484
First California Mortgage Company, 720-496-0644
Guaranteed Rate, Inc.
Hallmark Home Mortgage, 260-469-0941
LoanDepot.com LLC, 877-431-0100
MegaStar Financial Corporation, 303-321-8800
Nova Financial and Investment Corp. dba Nova Home Loans
On Q Financial Inc., 480-444-7100, 866-667-3279
Pacific Union Financial LLC, 702-786-0001 x 2001
Peoples National Bank, 303-228-7792
Summit Mortgage Corporation, 303-779-0591, 720-200-9480
The Mortgage Company, 303-300-1850
Universal Lending Corporation, 303-758-4969
Uptown Mortgage LLC, 303-839-5262

In order to become a participating lender in this program, please execute and return the Lender Participation Agreement which can be found below, as well as a Lender Participation Fee of $400 (check made payable to “Raymond James & Associates”). Please return these two requested items to the attention of Jennifer Payne at Raymond James, Two Buckhead Plaza, Suite 702, 3050 Peachtree Road NW, Atlanta, GA 30305. Should you have any questions, interested lenders may contact Jennifer Payne (jennifer.payne@raymondjames.com) for more information.

 

Talk to your approved lender about qualifying for this program.

 

 

Housing Denver

The City's Strategic Plan for Affordable Housing, 2015-19

Housing Forms