The hottest loan package in 2013 is the Denver Metro Mortgage Assistance Plus Program. This is loan program has evolved since last year and this year it comes with all the bells and whistles. When this program was originally introduced there were limitations on areas it would work and it was designed for first time home buyers only. Let’s talk about what exactly the Denver Metro Mortgage Assistance Plus Program can do for you.
The Denver Metro Mortgage Assistance Plus Program gives the buyer 4% of the loan amount as a grant towards their down payment and or closing costs. Since this money is a grant there’s no reimbursement of the funds necessary. This is huge for buyers who do not have much if any money to put down on a new loan. The down payment can be covered with another .5% towards the closing costs. You can ask the seller to pick up the remainder and you just bought a home with no money down.
Let’s take a moment and look at the qualifications of the Denver Metro Mortgage Assistance Plus Program. This loan program will not work for conventional loans it must be FHA or VA only. It works for any buyer not just first time home buyers. The Denver Metro Mortgage Assistance Plus program will only work for owner occupant borrower. You’ll need a maximum debt-to-income ratio of 45%. Buyers FICO score can’t be lower than 640 however no FICO scores are okay for this program. Household income of 1-2 people can’t exceed $91,100 and 3 or more person household income can’t exceed $103,000. There is no maximum price limit for the home and this program.
The Denver Metro Mortgage Assistance Plus Program is looking pretty good isn’t it? When it first rolled out you couldn’t use it anywhere outside of the city of Denver. With the 2013 rollout you can use it in multiple cities and they are increasing the number of cities every month. Here’s some examples of where the Denver Metro Mortgage Assistance Plus Program can be used: Denver, Arvada, Aurora, Centennial, Parker, Englewood, Littleton, Sheridan, Wheat Ridge, Brighton, Edgewater, and Golden. The list will continue to grow.
At this time the Denver Metro Mortgage Assistance Plus Program has no expiration date and no set limit of funds. The funds are first-come, first-served from a continuously funded revolving pool. This means whether you’re looking at buying today or next year this program should still be in place and can help you when the time is right. I should also note that cosigners are allowed for an FHA loan but they may not hold an ownership interest in the property and they may not reside in the property.
If you’ve been thinking of buying a home but you say to yourself, “I just don’t think I have the money to do it” think again. The Denver Metro Mortgage Assistance Plus Program is designed to help buyers purchase their dream home with little to no money down. Contact The Colorado Dream House Team today and we’ll begin getting you qualified for the Denver Metro Mortgage Assistance Plus Program and into your new house.