After a two-year hiatus, the Metro Mortgage Assistance program has been reinstated.
The program, led by the city and county of Denver and the Metro Mayors Caucus, gives first-time homebuyers access to 6.2 percent, 30-year fixed-rate mortgage loans, as well as a grant for 4 percent of the original loan amount to assist with down payments and closing costs.
Front Range cities contributed a total of $25 million in 2006 bond capacity to fund the program.
“Because interest rates have been so low, we haven’t had a competitive product we felt good about,” said Jacky Morales-Ferrand, director of housing and neighborhood development for Denver. “With interest rates rising, it gives us a competitive edge to enter the market because these are financed with tax-free bonds.”
To qualify for the program, applicants must earn no more than $71,700 a year for one- or two-person families, or $82,455 for families of three or more. Prospective buyers cannot have owned a home in the past three years. The program’s maximium home cost is $365,175.
Staff writer Margaret Jackson can be reached at 303-954-1473 or mjackson@denverpost.com.
