DENVER 2013 METRO MORTGAGE ASSISTANCE PLUS PROGRAM
DENVER 2013 METRO MORTGAGE ASSISTANCE PLUS PROGRAM
This is a special grant program for low and moderate income individuals and families that seeks to bring the dream of home ownership within reach. We know that lacking the funds for a down payment is often a barrier to home ownership. For a 30-year fixed rate mortgage, this program helps with down payment and closing cost assistance of up to 4% of your loan! PROGRAM FUNDS
DOWN PAYMENT ASSISTANCE
• Program funds are available first-come, first-served from a continuously funded revolving pool.
• Assistance is 4% of the Note amount (3% DP + 1% Origination)
ELIGIBLE AREAS
• Assistance is a grant, no second mortgage.
• Mortgage loans under the program may be made to qualifying borrowers throughout the City and County of Denver, the City of Littleton, the City of Edgewater, the City of Dacono, City of Sheridan, City of Arvada, City of Wheat Ridge, City of Lakewood, City of Brighton, City of Aurora, City of Parker and over time may be available in other participating MMA jurisdictions.
INCOME LIMIT CRITERIA
ELIGIBILITY REQUIREMENTS • No First-Time buyer requirement • Must be Principal Residence • Must occupy within 60 days of closing ELIGIBLE LOAN TYPES • FHA, VA
• No repayment required
• 1 or 2 Person Household: $91,100 • 3 or more Person Household: $103,000 HOME ACQUISITION LIMITS • No Program Limit HOME BUYER EDUCATION • Required. HUD Approved. FICO/DTO REQUIREMENT • FICO – Mid score must be 640 or higher • DTI – Max DTI ratio is 45% • For borrowers with NO FICO score, manual underwriting is permitted, follow underwriting guidelines for product.
• No Conventional Loans 6312 S. Fiddlers Green Circle Suite 400E Greenwood Village, CO 80111 720.509.8564 phone 720.509.8563 fax [email protected] www.chl.cc Citywide Home Loans and CHL Mortgage are not acting on behalf of or at the direction of HUD/FHA or the Federal government.
Luanna Graham Senior Loan Officer NMLS #329627
www.chl.cc 303.996.7000 Corporate NMLS #67180 Regulated by the Division of Real Estate
This is a special grant program for low and moderate income individuals and families that seeks to bring the dream of home ownership within reach. We know that lacking the funds for a down payment is often a barrier to home ownership. For a 30-year fixed rate mortgage, this program helps with down payment and closing cost assistance of up to 4% of your loan! PROGRAM FUNDS
DOWN PAYMENT ASSISTANCE
• Program funds are available first-come, first-served from a continuously funded revolving pool.
• Assistance is 4% of the Note amount (3% DP + 1% Origination)
ELIGIBLE AREAS
• Assistance is a grant, no second mortgage.
• Mortgage loans under the program may be made to qualifying borrowers throughout the City and County of Denver, the City of Littleton, the City of Edgewater, the City of Dacono, City of Sheridan, City of Arvada, City of Wheat Ridge, City of Lakewood, City of Brighton, City of Aurora, City of Parker and over time may be available in other participating MMA jurisdictions.
INCOME LIMIT CRITERIA
ELIGIBILITY REQUIREMENTS • No First-Time buyer requirement • Must be Principal Residence • Must occupy within 60 days of closing ELIGIBLE LOAN TYPES • FHA, VA
• No repayment required
• 1 or 2 Person Household: $91,100 • 3 or more Person Household: $103,000 HOME ACQUISITION LIMITS • No Program Limit HOME BUYER EDUCATION • Required. HUD Approved. FICO/DTO REQUIREMENT • FICO – Mid score must be 640 or higher • DTI – Max DTI ratio is 45% • For borrowers with NO FICO score, manual underwriting is permitted, follow underwriting guidelines for product.
• No Conventional Loans 6312 S. Fiddlers Green Circle Suite 400E Greenwood Village, CO 80111 720.509.8564 phone 720.509.8563 fax [email protected] www.chl.cc Citywide Home Loans and CHL Mortgage are not acting on behalf of or at the direction of HUD/FHA or the Federal government.
Luanna Graham Senior Loan Officer NMLS #329627
www.chl.cc 303.996.7000 Corporate NMLS #67180 Regulated by the Division of Real Estate
