Denver recently announced the Metro Morgage Assistance plus program as a way to help more buyers reach the goal of homeownership. This program provides buyers with a 4% grant, that does not have to be repayed, that can be used towards a down payment and or closing costs.
There are a few guidelines that you need to meet in order to qualify for the grant in addition to qualifying for a regular mortage. These criteria include:
- Must make less than $91,100 for households of two or fewer persons (and less than $103,000 for three or more).
- Must have a minimum FICO score of 640 (660 for manufactured homes) and a maximum debt-to-income ratio of 45.
- Even though a significant portion of your down payment will be supported by this grant, you may…