Multiple Loan Options. GREAT Low Rates.*
The borrower receives a 30-year, fixed rate, fully amortizing home loan with 360 level monthly payments. They may also opt to receive down payment assistance equal to a percentage of the note amount to apply toward the required down payment, closing costs, prepaids or principal reduction. The assistance is in the form of a zero percent second mortgage with no scheduled payments. Borrowers may select a loan with one of the multiple Down Payment Assistance options or a low rate loan without assistance. Current mortgage rates are available by contacting an approved lender. Credit and income limits apply and homebuyer education is required. *Restrictions may apply.
Credit & Property
Qualifications:
To qualify for the metroDPA Program, you must:
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Have qualifying credit. This program has FICO score restrictions. Ask a lender if you qualify.
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Meet the income limits. Select the "Income Limits" button for more details.
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Have the necessary property requirements. New or existing residential, one or more units, detached, condominiums, townhomes or manufactured homes.
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Have successfully completed homebuyer education.
Loan Income
Limits:
To qualify for the metroDPA Program, you must be within the limits:
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Click the button below to view all loan income limits per county.
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Additional benefits are available for borrowers using a conventional loan with income below 80% of Area Median Income.
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Please note, income limits are the same for all family sizes.
Borrower Program
Benefits:
The metroDPA Program offers the following for borrowers:
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30-year fixed rate mortgage loans (FHA, VA, USDA Rural Development and Conventional Loans).
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Borrower Assistance for down payment, closing costs, and/or prepaids.
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Please note, some restrictions may apply.
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For more information on the metroDPA Program requirements for borrowers, please click the button below to download our information page. (Both English and Spanish versions are available.)
Borrower Program
Differences:
The metroDPA Program offers homeownership throughout Colorado's Front Range with:
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No minimum borrower investment. You may be able to purchase a home with no money down.
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Repeat buyers welcome. The program is available to first-time AND repeat homebuyers for both purchases and refinances.
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Assistance that helps build equity. Down payment assistance (DPA) is in the form of a 30-year, second mortgage with a 0% interest rate.
General
Information
There is no first-time homebuyer requirement in this program. Borrowers must have a minimum credit score of 620 (640 in some cases) and qualifying income below $210,150 to use the program.
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Buyers must live in the property as their principal residence within 60 days of closing.
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Applicants must be considered irrespective of sex, age, race, color, religion or national origin.
Eligible
Properties
Properties eligible for the metroDPA Program loans include:
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New or existing, owner occupied, principal residences, one or more units, detached structures, condominiums or townhomes.
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Properties must meet Servicer and Agency guidelines.
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The eligible area must be within the State of Colorado.
Educational
Requirements
All borrowers (any primary borrower on the Note and/or Warranty Deed) must complete a homebuyer education course.
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Courses are available online or in-person.
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Refinancing of existing mortgage loans is permitted within the program.
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There are NO purchase price limits within this program.
Minimum FICO
Score & Ratio
Buyers must have a minimum FICO credit score as low as 620. Generally, the maximum DTI (debt-to-income ratio) must not exceed 50%. Ask a qualified lender for more details.
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The program allows manual underwriting in some cases in accordance with Servicer and Agency guidelines for the loan product.
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Consult an approved metroDPA Program lender for details.
Financial Facts
& Reservations
The following mortgage products are offered in this program: FHA, VA, USDA-RD and conventional loans.
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Interested borrowers must contact a participating lender to apply for the loan. The lender will verify your qualifications.
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When you submit a loan application with the lender, it may be important that you have the following information:
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List of all outstanding debts and credit cards, including account information, unpaid balance and monthly payments; name and address of employer(s); copy of your most recent pay stub(s).
Become a Participating LENDER.
To become a participating lender, follow the multi-step process below. Be sure to start with becoming approved with one or both of the Program’s servicing partners (TMS or US Bank).
LENDER TRAINING:
Once you are approved by TMS or US Bank and have executed a lender agreement, you can participate in LENDER SYSTEM TRAINING (link below) led by eHousingPlus. eHousingPlus is the Program Administrator and all metroDPA loans are locked in the eHP system. To schedule LENDER SYSTEM training, please call Sue Denihan at (813) 415-3549 or click the email link below.
LOAN PROCESSING:
The lender coordinates the 1st mortgage and the assistance for the borrower and will qualify borrower(s) based on Program, Servicer, and Agency guidelines. The lender will lock the loans in the eHousingPlus system. Below is a step-by-step guide to our loan processing timeline: 1. Lender underwrites the loan (delegated underwriting). 2. Lender locks loan in the eHousingPlus system. 3. Lender closes and funds the loan. 4. Lender delivers the loan to Servicer for reimbursement.
Lender RESOURCES
The metroDPA Program Lender Resources Section is here to help you navigate frequently asked questions and get you the answers as quickly as possible. Click the link below that most closely matches the subject/resource you're looking for.
metroDPA Program TEAM
Our metroDPA Program team is here to help you throughout the home buying process. Complete the form below for general information, access to a lender, the eHousingPlus website and/or lending questions, loan processing, and much more.
