The Denver Office of Ecomonic Development annouced there is a new mortgage assistance program available to all homebuyers (you do not need to be a first-time homebuyer to qualify!) purchasing homes in Denver or Littleton. Denver expects the revolving pool of about $15 million to be availabel through December of 2014, but funds will be available on a first-come, first-served basis, so don't wait too long to get qualified! For Denver residents, there is the potential for federal tax credits up to $2,000 annually as well.
To qualify for the program, Buyers will need to use a pre-approved mortgage lender and total income needs to be less than $91,000 for households of two or fewer persons, or $103,000 for households of three or fewer persons. If you are working with a lender that is not on the approved list, the lender can conact Stacy Houston with Raymond James (stacy.houston@raymondjames.com) to get qualifed.
Buyers also need to have a minimum FICO credit score of 640 and will be required to bring a minimum of 0.5% of their own funds to closing and attend a HUD approved homebuyer education course. As an example, Buyers purchasing a home at $160,000 that might require a downpayment of 4% plus closing costs could receive $5,600 of that amount ($6,400) and the Buyer would only need to bring $800 to closing.
