FAQ

What is metroDPA?

Metro Down Payment Assistance (metroDPA) is a program sponsored by the City & County of Denver helping people throughout the Front Range become homeowners. It provides a home loan and down payment assistance to help people become homeowners in all of these Front Range cities and counties.

Who is eligible?

metroDPA: People who make up to $195,600 a year and have a credit score above 640 (sometimes 620) are eligible for a home loan and down payment assistance to purchase a home in these Front Range cities and counties.

Do I have to live in Denver or buy a home in Denver to apply?

No. The metroDPA program is available to qualified applicants so long as the home they are purchasing is in any of these Front Range cities and counties.

How does the program work? How much can I get toward a down payment?

metroDPA: You can get assistance up to a percentage of the home loan (first mortgage loan) amount for your down payment in the form of an interest-free, 30-year deferred second mortgage (there are no scheduled payments). See flyer with detailed information here.

What other program requirements are there?

You must use a metroDPA-approved lender to obtain a 30-year fixed rate home loan (first mortgage) in order to receive down payment assistance. The mortgage may be an FHA, VA or USDA loan or a conventional loan and will be determined in cooperation with your lender.

What lenders can I work with?

metroDPA loans are available through approved lenders. Contact our team for referrals to trained professionals ready to assist you. Contact Diana minardid@stifel.com or Eva sloatee@stifel.com.

What is a second mortgage?

The assistance loan is in the form of a second mortgage, which creates a lien on the property for a specific amount of time. In this case, the amount of time is thirty years after the date of closing on the home.

What does “Deferred” mean?

A borrower will not make any payments on the assistance received UNLESS:

the first mortgage is paid off due to sale or refinance.
the borrower ceases to live in the property as their principal residence.
the second mortgage has been outstanding for the full 30 years.

How much assistance does this program offer?

metroDPA: A homeowner may receive assistance up to a percentage of their home loan (first mortgage amount) based upon the loan product (FHA, VA, USDA or conventional). As an example, if a borrower were to purchase a home and their loan amount was $300,000, if they use the FHA loan product and receive 4% of down payment and closing cost assistance, the borrower will receive $12,000 to be used as down payment and closing cost assistance.
The homeowner must use a home loan (first mortgage loan) provided through the metroDPA program.

What can and can’t I use the assistance for?

The assistance may be used for the down payment required by FHA, Conventional, USDA and VA loans. The assistance may also be used for customary closing costs, prepaids or principal reduction of the home loan. The assistance may not be used to pay the difference between the sales price and appraised value, any borrower’s debt, any portion of the realtor compensation or result in cash back to the homeowner(s).

Why is the City helping with down payment assistance?

Promoting homeownership in our community can help build generational wealth, strengthen the Front Range, and bring stability to its residents.

Frequently Asks Questions