$32.5 Million Made Available for First-Time Homebuyers

Do you know someone who wants to buy a home in Broomfield? The City and County of Broomfield has partnered with the Metro Mayors Caucus and City & County of Denver to offer a program that is turning renters into homeowners.  

The $32.5 Million Metro Mortgage Assistance program provides below-market 5.95% 30-year fixed rate mortgage loans and down payment assistance grants to qualified first-time homebuyers (those who have not owned a home in the past three years) in sixteen participating jurisdictions. The assistance grant, equal to 4.00% of the loan amount, may be used for down payment or closing costs.  This program is not available for the refinance of existing loans. 

The Metro Mortgage Assistance program is available exclusively in the following cities: Arvada, Aurora, Bennett, Brighton, Broomfield, Centennial, Denver, Erie, Frederick, Greenwood Village, Lakewood, Littleton, Louisville, Northglenn, Sheridan, and Westminster.   

The following income and purchase price limits apply:      

• maximum annual income of $71,700 for one or two person households
• maximum annual income of $82,455 for three or more person households
• maximum purchase price f $365,175

Buyers must meet program qualifications and normal FHA, VA, RHS or Conventional underwriting requirements which show creditworthiness.    

Exceptions to the higher purchase price and household income limit are available for those persons purchasing a home within a census tract that is designated as a Targeted Area.  In those areas, the homebuyer is not required to be a first-time homebuyer; the maximum household income is $100,380; and the maximum purchase price of a home is $446,325.  Also, qualified Veterans are exempt from the first-time homebuyer requirement for the 2007 program. For additional information on the Targeted Areas, visit www.milehigh.com/housing. 

The Metro Mortgage Assistance is only available through participating lenders. Interested parties should call a participating lender to begin the application process.

PARTICIPATING LENDERS

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

Colorado State Bank and Trust — 303-861-2111

Countrywide Home Loans —303-333-1385; 303-716-7997

Guaranteed Mortgage Bank — 303-996-1625, ext. 240

Key Bank — 303-561-4344

Peoples Mortgage Corporation — 719-531-5577; 800-650-3300

Summit Mortgage — 720-200-9480

Universal Lending Corporation —303-758-4969

Wells Fargo Home Mortgage — 303-790-8601

WR Starkey Mortgage — 303-757-0300; 303-489-0712