METRO MAYORS CAUCUS ANNOUNCES AVAILABILITY OF MORTGAGE ASSISTANCE FUNDS FOR FIRST-TIME HOMEBUYERS

Program Offers Stable, Conventional Fixed-Rate Mortgages

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First-time homebuyers in many parts of the Denver metro area can now get a 4% down payment assistance grant and 6.59% 30-year fixed rate mortgage through the Metro Mortgage Assistance program led by the City and County of Denver and the Metro Mayors Caucus.

Cities throughout the Front Range contributed a total of $32.5 million in bond issuing capacity to fund the program, which provides first-time homebuyers with access to 6.59% 30-year fixed-rate mortgage loans (FHA, VA, RHS, Fannie Mae and Freddie Mac eligible conventional) accompanied by a grant for down-payment and closing-cost assistance equal to 4% of the original loan amount. Participating jurisdictions include: Arvada, Aurora, Bennett, Brighton, Broomfield, Centennial, Dacono, Edgewater, Erie, Federal Heights, Frederick, Golden, Greenwood Village, Lafayette, Littleton, Lone Tree, Longmont, Louisville, Northglenn, Sheridan, Superior, and Westminster.

The Metro Mortgage Assistance program helps first-time homebuyers achieve a low 30-year fixed rate mortgage that provides them with a steady mortgage payment, keeping borrowers secure from rising interest rates and increasing payments. The down payment assistance is a non-repayable grant that helps give buyers a head start toward building equity in their home.

To be eligible for the Metro Mortgage Assistance program, annual family income cannot exceed $71,700 for families of one or two persons and $82,455 for families of three or more. The maximum home cost under the program is $365,175. Eligible prospective homebuyers cannot have owned a home in the last three years, except in specified targeted areas. Higher income and purchase price limits are also available in those targeted areas.

Interested potential homebuyers may contact any of the mortgage lenders participating in the program:

Air Academy Federal Credit Union (720) 208-7440

American Liberty Mortgage, Inc. (303) 458-3778

Chase Home Finance (303) 759-6758; (303) 504-3183;

Cherry Creek Mortgage (303) 226-8711; (303) 302-8102

Clarion Mortgage Capital, Inc. (303) 948-1711

Colorado State Bank and Trust (303) 861-2111

Countrywide Home Loans, Inc. (303) 333-1385; 303-716-7997

DHI Mortgage (720) 488-2080

First Community Bank (303) 789-0660; (303) 729-3652

Guaranty Mortgage Bank (303) 996-1625 ext. 240

Peoples Mortgage Corporation (719) 531-5577; (800) 650-3300

Summit Mortgage Corporation (720) 200-9480

Universal Lending Corporation (303) 758-4969; (303) 759-7438; (303) 317-6379

Wells Fargo Home Mortgage (303) 790-8601; (303) 460-1856

WR Starkey Mortgage LLP (303) 757-0300; (303) 489-0712