Down Payment and Closing Cost Assistance
The Arvada City Council has passed a resolution to participate with the City and County of Denver and other Denver metro jurisdictions in the 2013 Metro Mortgage Assistance Plus Program (MMA Plus.) This program is now available and will continue through approximately December 2014.
“Providing a stock of affordable housing to purchasers from all income levels is a critical part of maintaining Arvada’s regional advantage,” explained Ed Talbot, Housing/Neighborhood Revitalization Manager. “Programs like the new MMA Plus help reduce the up-front costs of homeownership – this program looks to remove a common barrier--lack of funds for a down payment--and opens the doors to otherwise qualified purchasers.”
The program provides a competitive 30-year fixed-rate mortgage with a down payment assistance (DPA) grant equal to 4% of the mortgage amount to qualifying low and moderate income homebuyer families. Purchasers must occupy the home as their primary residence, but they do not have to be a first time homebuyer. In addition, there is no limit on the property price beyond what the lender believes you can qualify to own. However, this program does not include refinancing of properties you already own.
Income requirements to qualify for MMA Plus state those households of two or fewer persons must be less than $91,000 and less than $103,000 for households of three or more. For more information about this program, potential purchasers can contact a participating lender and indicate that you are interested in the “Metro Mortgage Assistance Plus Program.”
Lenders for the program include:
||Rocky Mountain Mortgage Specialists, Inc.
||Summit Mortgage Corporation
||Real Estate Mortgage Network (REMN)
||Citywide Home Loans
||Air Academy Federal Credit Union
||Cornerstone Home Lending
||WR Starkey Mortgage
||Universal Lending Corporation
||Ent Federal Credit Union
||Nova Home Loans
||New American Funding