Following are specific details associated with the program:
6.59% with 4% Down Payment Assistance Grant
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%
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.
Private Mortgage BankingCherry Creek Mortgage Company, Inc.The James Holmes Lending Team Office: 303.840.2319 Fax: 303.468.8445