Frederick residents now have another option to help them finance home purchases.
The Frederick Board of Trustees entered into an agreement with Denver in December to participate in the Metro Down Payment Assistance Program, which helps low- to middle-income individuals and families with down payments on homes purchased in the Denver metro area.
Those households or individuals seeking a mortgage who qualify and with incomes less than $139,200 can get up to 6% of the amount of the mortgage as a 0% interest loan to help with a down payment and closing costs, according to a press release from Frederick.
“Home buyers who make payments on their first mortgage and hold the loan for three years are completely forgiven of the second loan,” the release read.
The program requires applicants to complete HUD-approved home-buyer education, have a credit score of 640 and a maximum debt-to-income ratio of 45%, as well, according to Denver’s website. There is no requirement that those applying be first-time home buyers.
The release also stated that more than 28 area cities participate in the program, along with more than 80 lenders.
“I am so proud to see the town taking another step toward its vision of attainable housing by entering into this regional partnership,” said Frederick Mayor Tony Carey in the release.
Those seeking more information can visit tinyurl.com/tp82spp.
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January 22, 2020 at 06:19AM
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Frederick joins metro cities in offering down payment assistance for home buyers - Longmont Times-Call
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