Metro's Mortgage Assistance Plus: Aiding Your Home Purchase

The Denver Office of Economic Development has recognized a common barrier to homeownership: the challenge of covering the substantial upfront costs associated with securing a home loan. To address this issue and support potential homeowners, they have established the Metro Mortgage Assistance Plus Program.

Expanding Access to Homeownership

The Metro Mortgage Assistance Plus Program is designed to ease the financial burden of purchasing a home. When borrowers opt for a 30-year fixed-rate home loan through a qualifying lender, they may become eligible for a grant. This grant can provide up to 4 percent of the mortgage amount, significantly aiding in covering down payment and closing costs. This financial support can be a game-changer for many, turning the dream of homeownership into a feasible reality.

Inclusive Eligibility Criteria

Setting itself apart from many other assistance programs, the Metro Mortgage Assistance Plus Program is not limited to first-time homebuyers. It is accessible to a broader range of applicants, provided they meet certain criteria:

• The annual household income must align with the program's specified limits.
• Applicants are required to have a minimum credit score of 640.
• A maximum debt-to-income ratio of 45 percent is stipulated.
• Completion of a HUD-approved homebuyer education course is mandatory for all borrowers.

Property Eligibility and Location

The program encompasses a variety of property types, including single-family detached homes, duplexes, condominiums, and townhomes. To qualify, these properties must be the borrower’s primary residence. The geographical scope of the program is extensive, covering Denver and several surrounding areas, including Arvada, Aurora, Bennett, Boulder, Brighton, Broomfield, Castle Rock, Centennial, Commerce City, Dacono, Edgewater, Englewood, Firestone, Golden, Lakewood, Littleton, Parker, Sheridan, Thornton, Westminster, and Wheat Ridge. Properties in unincorporated areas of Arapahoe County, Jefferson County, and Boulder County are also eligible. Additionally, jurisdictions within the Metro Mayors Caucus are expected to participate in the program progressively over the year.

Income Limits for Applicants

To ensure the program serves those who need it most, there are income limits based on household size:

• For 1 to 2 persons, the income limit is $95,880.
• For households with 3 or more persons, the limit is set at $111,860.

The Metro Mortgage Assistance Plus Program by the Denver Office of Economic Development is a significant step towards making homeownership more accessible and affordable, offering substantial financial assistance and a wide range of eligible properties to cater to diverse needs and preferences in the community.