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| Mira Vista |
The neighborhood of Mira Vista, nestled in the City of Centennial, Colorado is fortunate to be a part of the Denver Metro Mortgage Assistance program for first-time Denver homebuyers. This program is actually offered to a number of cities in Colorado, and with Centennial being one of the approved cities it allows Mira Vista Denver residents to partake in the Denver Metro Mortgage Assistance program. Led by the City and County of Denver and the Metro Mayors Caucus, the program offers first-time homebuyers a 4% down payment non-repayable grant.. The Denver Metro Mortgage Assistance program also helps first-time homebuyers obtain 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.
Additional down payment assistance may be available for eligible homebuyers outside of the Metro Mortgage Assistance Program. Homebuyers with household incomes at or below 80% of the area median income for the metropolitan Denver area may be eligible for additional down payment and closing costs up to 6% of the purchase price or $10,000, whichever is higher. For more information on this program please contact the Colorado Housing Assistance Corporation at 303-572-9445 to see if you qualify.
There are eligibility requirements to participate in the Metro Mortgage Assistance program, such as annual income restrictions. In addition, eligible prospective homebuyers must not 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. A reduced origination fee for the loan as well as no discount points from the borrower or seller area also part of the program.
“This type of a program is designed to be an antidote to the risky mortgages that have contributed greatly to the foreclosure problems seen in Denver and throughout the country,” said Denver City Council President Michael Hancock. “The below market, fixed-rate mortgages and companion down payment assistance grants are meant to help address the needs of first-time homebuyers who often find their only alternative to be loan products that subject the buyer to a greater likelihood of foreclosure.”
There are thirteen lenders participating in the Metro Mortgage Assistance program. The program is available while funds last. Interested borrowers may make application to any participating lender; however, funds availability is contingent upon a successful bond closing. For further information on the Metro Mortgage Assistance program, please visit their website at http://www.milehigh.com/housing/homeownership-opportunities/metro-mortgage-assistance. To search properties in the Mira Vista neighborhood or the City of Centennial, please click here.
