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 $91,100 for households of two or fewer persons (and less than $103,000 for three or more).

 Do I still need to meet other guidelines?

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

This program asks that you have a minimum FICO score of 640 (660 for manufactured homes) 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, including:

www.coloradohousingassistance.org
www.delnortendc.org
www.nedenverhousing.org
www.brothersredevelopment.org 
www.newsed.org

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
  • Manufactured homes 

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, 303-914-3846                                
Air Academy Federal Credit Union, 800-223-1983
All Western Mortgage, 720-489-4445, 303-453-9978
Amerifirst Financial Inc., 303-595-0110
American Financing Corporation, 303-695-7000
American Pacific Mortgage Corporation, 916-960-1265
America's Mortgage, 303-996-2400
AmeriPro Funding, Inc., 303-802-1799
Axia Home Loans, 720-980-2886
Caliber Home Loans Inc., 720-439-3300, 720-398-0406
Castle & Cooke Mortgage LLC, 801-461-7100
Cherry Creek Mortgage, 303-226-8835
Citywide Home Loans, 303-996-7000
Commerce Mortgage, 303-770-2686 
Cornerstone Home Lending, 303-957-2516 
DHA Financial Inc., 303-217-5620
DHI Mortgage
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
First California Mortgage Company, 720-389-0033, 720-389-0022, 303-521-7169
First National Bank of Omaha, 402-602-5305
First Option Mortgage LLC/First Option Lending, 303-803-1900
Franklin American Mortgage Company, 720-381-5045
Freedom Financial Services, 303-663-5266
Georgetown Mortgage, 303-229-2684, 512-930-7888
Goldwater Bank N.A., 303-740-1477
Guaranteed Rate, 303-285-1607, 303-668-6699
Guild Mortgage, 720-446-3845
Hallmark Home Mortgage LLC, 260-469-0903
Home Community Mortgage LLC, 972-316-5286
HomeBridge Financial Services, 720-644-3117
Ideal Home Loans LLC, 303-783-3983
LeaderOne Financial Corporation, 800-270-3416
Loan Simple, Inc.
Megastar Financial, 303-321-8800
Moria Development Inc. dba Peoples Mortgage, 480-752-3530 x8119
Mortgage Solutions of Colorado, 719-955-2340
New American Funding, 1-877-884-3452
Northstar Bank of Texas, 719-235-5104
Nova Home Loans, 303-803-1030, 720-279-5900, 720-387-3000
Peoples Mortgage, 303-228-7792
Primary Residential Mortgage, Inc., 303-256-5748
Right Start Mortgage, 626-739-5303
Republic Mortgage Home Loans, Inc., 800-288-9400
Rocky Mountain Mortgage Specialists, Inc., 303-773-6106
Stearns Lending, Inc.
Stonegate Mortgage Corporation, 317-663-5100
Summit Mortgage Corporation, 303-779-0591, 720-200-9480
The Mortgage Company, 303-300-1850
Universal American Mortgage Company, 720-836-4879
Universal Lending Corporation, 303-758-4969
Vectra Bank Colorado, 720-947-7596
V.I.P. Mortgage, 303-302-2285, 303-695-7818 
Wells Fargo Home Mortgage
Weststar Mortgage Corporation, 303-210-7502
W. J. Bradley Mortgage Capital LLC, 720-270-7619
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 Stacy Houston (stacy.houston@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

The City and County of Denver Mortgage Credit Certificate (MCC) program allows qualifying borrowers to receive an annual federal income tax credit equal to 30% of the annual interest they pay on their mortgage loan. 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.
FUNDS HAVE EXPIRED FOR DENVER'S OFFERING OF THE MORTGAGE CREDIT CERTIFICATE PROGRAM. It is anticipated that the program will resume in January 2015.
ELIGIBLE MORTGAGORS:
First-time Homebuyers:
Cannot have owned a home in the past three years (except in "Targeted Areas" and for Qualified Veterans).

MAXIMUM FAMILY INCOME:

 Non-targeted    

 Targeted

 Families of 2 or fewer  

 $79,300

 $95,160

 Families of 3 or more

 $91,195

 $111,020


 MAXIMUM HOME COST:
   Non-Targeted      Targeted
 1-Family Residence       $370,252  $452,531
 
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: 000600, 000702, 000800, 001101, 001600, 001900, 002403, 002701, 003602, 004101, 004404, 004502, 005103, and 008313.

Homebuyer Education is required for all borrowers and a certificate must be obtained through a HUD-approved agency. Please click here to find information on an approved agency.

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

  • Academy Mortgage Corporation
  • Affordable Interest Mortgage
  • Air Academy Federal Credit Union, 719-592-1045
  • All Western Mortgage
  • American Liberty Mortgage, 303-458-3778
  • AmeriPro Funding, Inc.
  • Bank of America, 720-529-6332, 970-569-3561, 970-818-3031
  • Broker Solutions, Inc. dba New American Funding
  • Citywide Home Loans, 303-996-7000, 866-437-0200
  • Cornerstone Mortgage, 303-317-5461
  • Envoy Mortgage, 713-993-4434
  • Fairway Independent Mortgage Corporation, 866-912-4800
  • First California Mortgage Company, 720-389-0033, 720-389-0022, 303-521-7169
  • Guild Mortgage
  • HomeBridge Financial Services, Inc. 720-644-3117
  • Loan Simple, Inc.
  • Megastar Financial Corp.
  • Paramount Home Loans
  • Peoples National Bank, 303-228-7792
  • Pinnacle Mortgage Group, 303-716-9000, 877-716-9006
  • PrimeLending
  • Sierra Pacific Mortgage dba Colorado Mortgage
  • Summit Funding Inc.
  • Summit Mortgage Corporation, 303-779-0591, 303-991-2749, 720-200-9480
  • Sun West Mortgage
  • The Mortgage Network, 303-394-2121
  • Universal Lending Corporation, 720-524-2679
  • Uptown Mortgage, 303-839-5262
  • Wells Fargo Home Mortgage, 303-980-7686, 720-344-7200
  • WR Starkey Mortgage, 303-279-3132, 720-489-0712, 303-671-8733
  • W.J. Bradley Mortgage Capital,Inc. 801-590-3160, 730-253-0053, 303-325-4300, 720-279-2784, 719-213-7479

To become a lender, email Stacy Houston at stacy.houston@raymondjames.com.

Home Buyer Counseling

Down Payment and Home Ownership Counseling
The Office of Economic Development has partnered with the organizations listed below to help provide Denver area residents with down payment and homeownership counseling assistance toward the purchase of an affordably priced home.

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.

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.

The Office of Economic Development is committed to educating homeowners about foreclosure, how to prevent it, and key resources to utilize if your situation worsens. For more information on foreclosure and how to reach a positive resolution, visit the following sites: 

Housing Denver

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

Housing Forms

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