Promoting homeownership in
our community can help build generational wealth, strengthen the
Front Range and bring stability to its residents. At the end of
the day, everyone has to love somewhere and for those who aspire
to own a home and start building equity for themselves instead
of paying rent year after year and helping their landlord pay
their mortgage and build wealth, I am committed to helping my
community achieve the American Dream.
What is metroDPA?
Metro Down Payment Assistance (metroDPA) is Colorado’s
down payment assistance (DPA) program for homebuyers throughout
the Front Range. metroDPA offers a 30-year fixed-rate 1st
mortgage (FHA, VA, USDA, and Conventional loan products) and
provides assistance in the form of a 2nd mortgage (30-year
deferred) up to a percentage of the 1st mortgage amount and can
be used by
first-time & repeat homebuyers for home purchase or refinance.
Borrowers may also opt to receive down payment assistance equal
to a percentage of the note amount to apply toward the required
down payment, closing costs, prepaids or principal reduction.
The assistance is in the form of a zero percent second mortgage
with no scheduled payments. Borrowers may select a loan with one
of the multiple Down Payment Assistance options or a low rate
loan without assistance.
The metroDPA Program offers homeownership
throughout Colorado's Front Range with:
-
No minimum borrower investment
- you may be able to purchase a home with no money down.
-
Repeat buyers welcome
- program is available to first-time AND repeat homebuyers
for both purchases and refinances.
-
Assistance that helps build equity
- down payment assistance (DPA) is in the form of a 30-year,
second mortgage with a 0% interest rate
What is metroDPA
Social Equity?
Funding for this special financing program
expired in mid 2024.
Who is Eligible?
For metroDPA: Anyone making up to $210,150 per year with
minimum credit score of 640 are eligible for a home loan and
down payment assistance to purchase a home
throughout the greater Denver metropolitan area.
Is this FREE
assistance only available to first-time buyers?
No. This program is available to first-time AND
repeat homebuyers for both purchases and refinances.
Do I have to live in
Denver or buy a home in Denver to apply?
No.
The metroDPA program is available to qualified applicants so
long as the home they are purchasing is in any of these
Front Range cities and counties. Ask your lender about the
Denver Advantage program if you are buying a home in Denver
County.
Does this program
have any other requirements?
You must use a
metroDPA-approved lender to obtain a 30-year fixed rate home
loan (first mortgage) in order to receive down payment
assistance. The mortgage can be FHA, VA or USDA loan or a
conventional loan and will be determined in cooperation with
your lender. Not all mortgage lenders have the expertise to
navigate through this program. If you need to determine if your
lender is a metroDPA-approved or if you need
a referral to a local mortgage lender who is, please contact
Anthony Rael at 303.520.3179
What can the down
payment assistance funds be used for?
The
assistance may be used for the down payment required by FHA,
Conventional, USDA and VA loans. The assistance may also be used
for customary closing costs, pre-paids or principal reduction of
the home loan. The assistance funds cannot be used to pay
the difference between the sales price and appraised value (aka
"appraisal gap"), to pay down any borrower’s debt or any
portion of the real estate agent's compensation or any
scenario where the homeowner would receive any cash back.
Educational
Requirements
All borrowers (any primary borrower on the Note and/or Warranty
Deed) must complete a homebuyer education course. Courses are
available online or in-person. Refinancing of existing mortgage
loans is permitted within the program. There are NO purchase
price limits within this program.
I'm
interested in this program. What's
the next step?
Reach out to Anthony Rael at
303.520.3179 (text is fine) or use my
contact form to submit a request online. We'll talk
about your desire to become a homeowner and getting you started
on the pre-approval process with a reputable local mortgage
lender (see below) so you will know exact how much you can
afford and which program you may be qualified for.
Preferred Local Mortgage Lenders
Peak 10 Mortgage LLC -
Tenby J. Dahman - 303.478.9126
Home
Mortgage Advisors - Deana
Hollstein - 303.818.0522
Buyer
Resources
What
is a Buyer's Agent?
Everything
You Need to Know About Hiring a Buyer's Agent
Buyer
Broker Agreements
Real
Estate Agent Commissions
Investment/Equity
Protection
Home
Loans | Getting Pre-Approved with a Local Mortgage Lender
First-time
Buyers & Down Payment Assistance Programs
Frequently
Asked Questions (FAQs)
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