If you’re interested in the Denver Metro Down Payment Assistance program, or Denver metroDPA, there are a few things you should know. While this Denver Metro mortgage assistance program does offer loan forgiveness after a certain period of time, there are certain qualifications you’ll want to review before you apply. Before you apply, consult your mortgage broker to see if your financial situation qualifies you for this type of loan. This article provides a high-level overview of the Denver Metro Down Payment Assistance program and the various factors that may or may not make this right loan for you.
What is Metro DPA?
MetroDPA, or Metro Down Payment Assistance, is available to potential homebuyers with low income in the Denver Metro Area. It’s designed to help low to moderate-income individuals or families finance their home. While Denver, Colorado is home to a number of affordable home ownership programs, metroDPA offers unique benefits to those in need of funding assistance. The program was developed to help offset the rising demand of homes in Denver and is available to potential homebuyers across Colorado’s Front Range.
General Qualifications for MetroDPA
MetroDPA is available to low-to-mid income individuals / families in the Denver Metro. A qualified lender can help ensure that your financial situation qualifies you for the Denver metroDPA. The general qualifications include:
- Minimum FICO Credit Score of 640;
- Up to $150,000 of qualifying income;
- Primary residence for purchase only;
- Located in a participating area (Denver Metro).
Denver Metro DPA Benefits
There are many benefits of choosing the Denver MetroDPA program, which can include:
- No payment required for assistance;
- Zero-interest, forgivable 2nd mortgage;
- Apply for a 30-year fixed rate mortgage without paying down payment;
- Down payment and closing cost assistance up to 6% of your loan.
Things to Consider
Before you and your lender move forward with the Denver Metro DPA, be sure that you’ve explored all of your options. The metroDPA is intended to assist those that have very-low to moderate income levels. As the costs of homes rise in Colorado, more and more individuals are looking to finance their down payments. As a result, the program criteria must be met in order for an application to be accepted. To avoid delaying your offer on a new home, be sure to discuss your options with your financial advisor and mortgage broker.
What if You Don’t Qualify for the Denver Metro Down Payment Assistance Program?
If you don’t qualify for the Denver Metro Mortgage Assistance Program, don’t fret. There are still plenty of options available for you to finance your home. We recommend you consult with your loan officer to determine the options available for you. You might also want to review the pros and cons of FHA vs. Conventional loans before making a decision. For expert advice and friendly consultations, please reach out to Jackie directly to get started with the homebuying process.
Forgivable 2nd Mortgage
What’s not to like about saving money? The Metro Down Payment Assistance program is partnership with the Metro Mayors’ Caucus. According to the City of Denver,
“Our Metro Down Payment Assistance program is a way to help homeowners to get some down payment assistance by increasing their interest rate just slightly,” explained Britta Fisher, Chief Housing Officer for the City of Denver.
Apply for Denver metroDPA Program
Are you ready to apply for mortgage? To confirm that you qualify for the Denver metroDPA program, get in touch with a mortgage broker, such as Jackie Gonzales. Jackie has helped hundreds of buyers qualify for down payment assistance programs in the state of Colorado. Contact Jackie today to take the first step toward financing your future home. There are over 80 approved lenders that can set up a 2nd mortgage payment for buyers for as much as a 6% down payment.
If you’re ready to apply, get started here. Apply now here on this site to ensure that you’re connected with Jackie Gonzales. She is standing by to assist you in navigating your homebuying journey. In the meantime, be sure to explore all your down payment assistance options. Your Denver dream home awaits!