May 9, 2019
Council Approves New Mortgage Assistance Program
The City Council unanimously approved a resolution authorizing Greeley’s participation in the Metro Mortgage Assistance Plus Program (MMAPP) as part of the consent agenda on May 7. The program was created by the City of Denver and offers down payment assistance to income-qualified homebuyers of up to five percent of the purchase price of a home. The assistance is a forgivable second mortgage pro-rated over a three-year period as long as the homebuyer lives in the residence.
Unlike most assistance programs, MMAPP isn’t exclusive to first-time homebuyers. Applicants must have an annual household income that falls under the program’s set limits ($95,880 for 1-2 people or $111,860 for 3 or more people as of May 7, 2019). They must have a credit score of at least 640, and a maximum debt-to-income ratio of 45 percent. Borrowers are also required to complete an HUD-approved homebuyer education course
According to Ben Snow, Greeley’s Economic & Housing Director, Denver offered the program to Greeley residents because Denver knows commuters from Front Range cities make up an important part of the area’s workforce. Examples of other communities participating in the program include Arvada, Aurora, Boulder, Westminster, Firestone and Erie. For more information visit: https://www.fha.com/grants/metro-mortgage-assistance-plus-grant