Arvada Joins 2013 Metro Mortgage Assistance Plus Program

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:

1 Rocky Mountain Mortgage Specialists, Inc. 303-773-6106
2 Peoples Mortgage 303-302-3125; 303-224-3442
3 Summit Mortgage Corporation 303-779-0591; 720-200-9480
4 Real Estate Mortgage Network (REMN) 720-644-3117
5 Commerce Mortgage 303-770-2686
6 Citywide Home Loans 303-996-7000
7 Air Academy Federal Credit Union 800-223-1983
8 Cornerstone Home Lending 970-797-3717
9 WR Starkey Mortgage 720-489-0712; 303-757-0300
10 Universal Lending Corporation 303-758-4969
11 Ent Federal Credit Union 800-525-9623
12 V.I.P. Mortgage 303-302-2285; 303-695-7818
13 America's Mortgage 303-996-2400
14 Guild Mortgage 303-986-1895
15 Nova Home Loans 800-955-9125
16 New American Funding 800-450-2010
17 DHI Mortgage 866-424-3811
18 Academy Mortgage 800-660-8664