Home buying program helps more people get their own houses
DENVER — If you are interested in buying a property in Denver or Littleton, “Have we got a deal for you!” is what Denver’s Mayor Hancock announced Tuesday.
The program reduces barriers to home ownership by providing a four percent grant for down payment and closing costs assistance—money the borrower does not repay—and can offer a competitive interest rate on 30-year mortgages.
“We think the program just makes sense, and allows many young people with moderate to low incomes to be able to get their piece of the ‘American Dream,’ Hancock said. “This will help people who have a bit of credit but not a lot of money to begin the process.”
One couple, Leah and Jasper Segal, made the move to buy their home last summer.
“We have just been thrilled with the prospect of having a home,” said Jasper Segal. “I was born in a rented home and for me this is a wonderful thing.”
There are 12 pre-approved lenders who are participating in the program. And for those accepted, there is home buyer counseling, each buyer needs to meet standard loan guidelines—a 640 FICO and a debt to income ratio of 45—along with income limits of under $91,000 for a family of two and $103,000 for a family of three or more.
The program runs thru December 2014 or until funds are gone. For more information on the Metro Mortgage Assistance Plus Program, visit www.denvergov.org/housing.