Metro DPA Downpayment Assistance

Metro DPA Downpayment Assistance is a forgivable loan for homebuyers in Metro, Colorado. Metro DPA is a multi-county down payment assistance program administered by the City and County of Denver's Department of Housing Stability (HOST) on behalf of a 20-county Front Range and mountain region of Colorado. It provides up to 5% of the first-mortgage loan amount in down payment and closing-cost assistance, paired with a competitive 30-year fixed-rate first mortgage. Buyers may select either a 3-year forgivable second loan or a deferred silent second. Down payment and closing-cost assistance up to 5% of the total first-mortgage loan amount. Buyer can choose between a 3-year forgivable second loan (no monthly payments, forgiven in 36 months while owner-occupied) or a deferred (silent) second loan that is repaid only on sale, refinance, or transfer. Layered with a competitive 30-year fixed-rate first mortgage. Funding comes from Local Government, Bond Proceeds, and MBS Premium.

Metro DPA Downpayment Assistance is forgiven after 3 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Forgivable option: forgiven after 36 months while owner-occupied. Deferred option: due on sale, refinance, transfer, or loss of owner-occupancy. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Metro DPA Downpayment Assistance is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 640 minimum representative FICO; alternative credit allowed with HUD counseling. A homebuyer education course is required, through HUD-approved counseling agency — required only when all borrowers have credit scores below 640 or no credit score; delivered online or in-person. Residency requirement: Property must be a primary residence located within the 20-county Metro DPA service area in Colorado. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by underlying first-mortgage product. Borrower(s) must occupy the property as a primary residence. Maximum qualifying income $195,600 regardless of household size or county (program-wide cap, not AMI-based). Minimum FICO 640 (or alternative credit with HUD-approved counseling). Maximum DTI 50% (Conventional/FHA/VA) or 45% (USDA). Cannot be combined with other DPA. First mortgage must be originated through a Metro DPA participating lender using the Metro DPA-approved 30-year fixed product. Buyer must complete homebuyer education for FHA loans and for any borrower below 640 FICO. Properties anywhere in the program's 20-county service area qualify. Subordination of the second mortgage is not permitted.

Metro DPA Downpayment Assistance limits household income to $195,600. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Metro DPA Downpayment Assistance caps the purchase price as follows: No published maximum purchase price (governed by FHA/VA/USDA/Conventional loan-limit ceilings of the first mortgage). Eligible property types include Single-family detached, Townhome, Condominium, 2-unit (FHA only, owner-occupied), and Manufactured (FHA, real-property only). New construction is eligible. Manufactured homes are eligible.

Metro DPA Downpayment Assistance serves homebuyers purchasing in Metro, Colorado.

Applications for Metro DPA Downpayment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Lender reserves funds through Metro DPA portal at time of first-mortgage lock. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.