Metro Mortgage Assistance

The City of Arvada is a participant in the 2007 – 2008 Metro Mortgage Assistance program led by the City and County of Denver and the Metro Mayors Caucus. Qualified first-time homebuyers in Arvada and many parts of the Denver metro area can now get a 4% down payment assistance grant and 6.59% 30-year fixed rate mortgage through the program.

Arvada and cities throughout the Front Range contributed a total of $32.5 million in bond issuing capacity to fund the program, which provides first-time homebuyers with access to 6.33% 30-year fixed-rate mortgage loans (FHA, VA, RHS, Fannie Mae and Freddie Mac eligible conventional) accompanied by a grant for down-payment and closing-cost assistance equal to 4% of the original loan amount. Participating jurisdictions include: 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.

 The Metro Mortgage Assistance program helps first-time homebuyers achieve a low 30-year fixed rate mortgage that provides them with a steady mortgage payment, keeping borrowers secure from rising interest rates and increasing payments. The down payment assistance is a non-repayable grant that helps give buyers a head start toward building equity in their home.

 To be eligible for the Metro Mortgage Assistance program, annual family income cannot exceed $71,700 for families of one or two persons and $82,455 for families of three or more. The maximum home cost under the program is $365,175. Eligible prospective homebuyers cannot have owned a home in the last three years, except in specified targeted areas. Higher income and purchase price limits are also available in those targeted areas.

More information is available at:

http://www.metromayors.org/2007MortgageAssistance.html

Interested potential homebuyers may contact any of the mortgage lenders participating in the program:

 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

Clarion Mortgage Capital, Inc. (303) 948-1711

Colorado State Bank and Trust (303) 861-2111

Countrywide Home Loans, Inc. (303) 333-1385; 303-716-7997

DHI Mortgage (720) 488-2080

First Community Bank (303) 789-0660; (303) 729-3652

Guaranty Mortgage Bank (303) 996-1625 ext. 240

Peoples Mortgage Corporation (719) 531-5577; (800) 650-3300

Summit Mortgage Corporation (720) 200-9480

Universal Lending Corporation (303) 758-4969; (303) 759-7438; (303) 317-6379

Wells Fargo Home Mortgage (303) 790-8601; (303) 460-1856

WR Starkey Mortgage LLP (303) 757-0300; (303) 489-0712