While most things that sound too good to be true usually are, here’s the exception–a 4% loan towards a home purchase that you do not need to pay back.
A Denver loan program eases the way for low and middle-income home buyers, by offering a 4% loan to qualified buyers. YOU DO NOT NEED TO PAY THIS LOAN BACK. Honest!
I’ve listed the pertinent points below:
Program: Denver Metro Mortgage Assistance Program (I call it the Denver MMA for short)
For households of 1-2 persons, income must be $91,100 or less
For households of 3+ persons, income must be $130,000 or less
Minimum FICO credit score of 640
Maximum debt-to-income ratio of 45%
Must complete HUD-approved homebuyer education.
Property must be located in one of the following areas: (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.)
Time of Loan: Available currently, with no projected end date
Amount of Assistance Available: Qualified borrowers will be granted 4% of their loan amount. Funds to be used at closing.
If you have questions, please contact me!