COMMERCE CITY — Commerce City residents looking to purchase a home have another resource to make that goal a reality.
City Council passed a resolution Monday, April 7, to join the Metro Mortgage Assistance Plus Program.
The program, administered by the City and County of Denver, provides a competitive, 30-year fixed-rate mortgage down payment assistance grant equal to 4 percent of the mortgage amount to qualifying low and moderate income homebuyer families.
“Sometimes residents who are close to purchasing a home have a few barriers holding them back, and they can really benefit from a resource like the Metro Mortgage Assistance Plus Program,” said Chris Cramer, director of community development for the city. “Creating and sustaining housing for all income levels is an essential mission we must continue to pursue.”
Unlike other mortgage assistance programs, the home must be the primary residence of the homebuyer, but individuals are not required to be a first-time purchaser. More than 45 lenders participate in the program to help increase home ownership and neighborhood diversity.
Some of the other eligibility requirements include:
• A two- or fewer person household must earn less than $91,000 and households of three or more, $103,000.
• A minimum FICO score of 640 and a maximum debt-to-to-income ratio of 45 percent.
• Provide 0.5 percent (one-half of 1 percent of the total mortgage) to the closing costs. For example, a $160,000 house purchase might require 4 percent as the down payment plus closing costs, or $6,400. This program would grant $5,600 of that amount, but homebuyers would need to contribute $800.
• Attend and complete a HUD-approved homebuyer education class.
Properties that can be purchased within the program include single-family detached homes, condominiums, townhomes, duplexes and manufactured homes. Ask your Realtor about the program or visit www.c3gov.com/mortgage for more information.