The Metro Mortgage Assistance Plus Program is an initiative of Denver’s Office of Economic Development. In order to help low and moderate income families get over the hurdle of making down payments, the program offers a grant to help pay the upfront costs.

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Metro Mortgage Assistance Plus Program

Financial Assistance for Homebuyers in Colorado

The Metro Mortgage Assistance Plus Program is an initiative of Denver’s Office of Economic Development. In order to help low and moderate income families get over the hurdle of making down payments, the program offers a grant to help pay the upfront costs. When borrowers apply for a 30-year fixed rate home loan with a qualifying lender, they may be eligible for this grant which offers up to 4 percent of the mortgage amount.

Unlike most assistance programs, this one isn’t exclusive to first-time homebuyers. Applicants must have an annual income of less than $95,880 for households of two or fewer persons, or less than $111,860 in the case of three or more. They must have a credit score of at least 640, and a maximum debt-to-income ratio of 45 percent. Borrowers are also required to complete an HUD-approved homebuyer education course.

Only a single-family, detached home, duplex, condominium, or townhome is eligible under the Metro Mortgage Assistance Plus Program. These properties must be occupied as the borrower’s primary residence, and must be situated in 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.

Additionally, Arapahoe County, Jefferson County and Boulder County are program participants for properties within unincorporated areas. Metro Mayors Caucus jurisdictions are expected to join the program throughout the year.

The City of Denver has established a revolving pool of $30 million to support this program. As the funds are revolving, the program will remain in place for the foreseeable future, as long as demand continues.

Down Payment Grants in Colorado

The Metro Mortgage Assistance Plus Program is an initiative of Denver’s Office of Economic Development. In order to help low and moderate income families get over the hurdle of making down payments, the program offers a grant to help pay the upfront costs.

The Turnkey Mortgage Origination Program offers low to moderate income homebuyers of El Paso County a 30-year fixed-rate mortgage that comes with a down payment assistance grant of 4 percent of the mortgage amount.