Everyone needs a little help sometimes, and help is here with this new loan program.
What is Metro Mortgage Assistance (MMA)?
It is a loan that includes a grant for 4% of the note for down payment assistance. Again, this is a grant, NOT a second loan/note. It is being offered to City and County of Denver and in participating MMC jurisdictions (contact us for more details).
What makes this down payment assistance program different?
- NO First-time home buyer requirement
- DPA is a grant, not a loan
- DPA is 4% (other DPA programs 3%)
- Loan Application Income qualifies-NOT Total Household Income
Who is Eligible?
- FICO mid score must be 640 or higher
- Max DTI ratio 45%
- Must have an Government loan (FHA, VA, USDA)
- Must be purchasing a primary residence
- Must occupy property within 60 days of closing
*There are income limitations so please be sure to check out our Page with detailed information and contact us for further questions.
This program is a first come, first serve basis, so give us a call, contact us today to reserve your funds! Click here to complete a secure online loan application! Make sure to also find out about the Mortgage Credit Certificate (MCC), another great program(not a loan, a tax credit available to first-time home buyers!).
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Cheers~
Ray Williams