metro DPA Down Payment Assistance Program

metro DPA Down Payment Assistance Program

metroDPA is a special down payment assistance 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. The program provides down payment assistance as a zero-interest, forgivable 2nd mortgage. As you apply for a 30-year fixed rate mortgage, we help with down payment and closing cost assistance of up to 5% of your loan!

Do I have to pay back the 2nd loan down payment assistance in the future?

No! As long as you remain in your home, do not refinance, and make three years of mortgage payments, your 2nd loan is completely forgiven. This is your incentive to take the exciting step to apply and qualify for a home mortgage.

How do I find out whether I qualify?

Your lender will help you explore your specific income, debt, and credit factors. Unlike previous mortgage assistance programs you may have heard of, there is no requirement that you be a first-time buyer.

Your income can not exceed $139,200.

Do I still need to meet other guidelines?

Yes, as with any mortgage, you do need to meet the standard loan guidelines.

This program asks that you have a minimum FICO score of 640 and a maximum debt-to-income ratio of 45, and we also require that you complete a HUD-approved homebuyer education.

And even though a significant portion of your down payment will be supported by this program, you may need to bring some cash to the closing on your own.

For example, a house you might purchase for $300,000 might require 5% as the down payment plus closing costs, or $15,000. This program would grant you $14,250 of that amount, but you would need to contribute $750.

What sorts of homes or properties can I purchase?

  • Single-family, detached house
  • Condominium or townhome
  • Duplex

You must occupy the home as your primary residence. We do not have a limit on the property price beyond what your lender believes you can qualify for. Note: This program does not include refinancing of properties you already own.

Where should the home I buy be located?

At this time, any home in Denver, Arvada, Aurora, Bennett, Boulder, Brighton, Broomfield, Castle Rock, Centennial, Commerce City, Dacono, Edgewater, Englewood, Erie, Federal Heights, Firestone, Golden, Greeley, Lakewood, Littleton, Lone Tree, Northglenn, Parker, Sheridan, Superior, Thornton, Westminster, or Wheat Ridge can be purchased through this program; the home must be within the incorporated city limits of the participating city. In addition, Arapahoe County, Jefferson County and Boulder County are program participants for properties within unincorporated areas. Additional jurisdictions may join the program throughout the year.

Call 720-235-5001 To Get Started!