Friday, August 03, 2007

Denver Metro Bond Announced for First Time Home Buyers

I am pleased to announce that we are once again participating in the Denver Metro Bond 2007 B&C Program, which enables us to offer a 4% Down Payment Assistance Grant to borrowers who qualify; please note that this is bond (not a mortgage) and the funds DO NOT require repayment. In addition, the 30 year fixed rate mortgage provided as part of the program is offered at a preferred interest rate of 6.59%.

Following are specific details associated with the program:

6.59% with 4% Down Payment Assistance Grant

We believe that this 6.59% interest rate (30-year fixed rate, 1.00% origination fee/0.00% discount) is an excellent rate in the current market! Moreover, it will provide a tremendous benefit to the low- and moderate-income first-time homebuyer families throughout Denver and the surrounding participating cities.

Here are the basic program requirements for eligible mortgagors:

Eligible Loan Area: Mortgage loans under the program may be made to qualifying borrowers in the City and County of Denver, as well as in the following jurisdictions of the Metro Mayors Caucus that have chosen to participate in the 2007B&C program to date: 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.

First-time Homebuyers: Borrowers cannot have owned a home in the past 3 years (except if purchasing homes in "Targeted Areas"). Targeted Areas are census tracts designated by IRS and will be specifically identified in the Agreement. In addition, qualifying Veterans need not be first-time homebuyers in this 2007B&C program.

Maximum Family Income: Non-Targeted Targeted
Families of 2 or fewer $71,700 $86,040
Families of 3 or more 82,455 100,380

Maximum Acquisition Cost: 1 Family Residence $365,175 $446,325

Additional Mortgage Loan Terms: Mortgage Loan Term – 360 months

Rate – 6.59%
Origination Fee – 1.00%
Discount Fee – 0.00%

The funds will be allocated on a "First Come, First Served" basis and I have created a very simple process for you to refer your clients, have them apply, reserve their funds and submit their documents.

Five Steps to Loan Approval

Here are the steps:

1. Direct your borrowers to where they can read the program guidelines.

2. Have them follow the "Apply On Line" link found on the upper right corner of my home page. Have your clients complete the "Complete - Full Application," here is a direct link to the form -

3. Have you clients fax 1.) A pay stub covering a 30 day period for each of their employers. 2.) Copies of their 2007, 2006, 2005 1040 Federal Tax Return with ALL schedules. 3.) The most recent two months bank statements for all checking and savings accounts, and the most recent quarterly statements for all IRA, 401K and investment accounts.

4. Name address and contact information for their landlord. THE FAX NUMBER IS 303-468-8445

5. Mail a check in the amount of $25.00 payable to Cherry Creek Mortgage Company to pay for their credit reports. The $25.00 fee will be credited to the borrowers HUD Statement at closing.

6. Once we receive the borrowers application and credit report we will obtain automated underwriting approval and issue pre-liminary loan approval.

Please feel free to contact me with any questions you may have and please keep in mind the reservation is in the name of the borrower, not the property address.
I hope that you are able to take advantage of this fantastic program. We were fortunate to close a number of transactions with the 2006A and 2007A programs and the borrowers were very pleased with the outcome.

Mr. James A. Holmes, CML, CMPS Certified Mortgage Planning Specialist
Private Mortgage BankingCherry Creek Mortgage Company, Inc.The James Holmes Lending Team Office: 303.840.2319 Fax: 303.468.8445

Integrity. Expertise. Exceptional Value.