ADMINISTRATOR GUIDELINES  Social Equity GUIDELINES |
| PARTICIPATING LENDERS |
| PROGRAM FUNDS |
- Reservations are OPEN M-F, between 8 am – 6 pm Mountain (10-8 EST) excluding Holidays; All other system functions are available 24/7
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| ELIGIBLE AREAS |
- It is the lender’s responsibility to make sure the property is within the eligible areas.
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| LOAN TIMELINE REQUIREMENTS |
- 70 calendar days
- Loan must be UW Certified anytime prior to closing
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| ELIGIBILITY CRITERIA |
- No First-Time buyer requirement
- Must be Principal Residence
- Must occupy within 60 days of the closing
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| ELIGIBLE LOAN TYPES |
- FHA, VA, USDA-RD
- Fannie Mae & Freddie Mac
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| DPA |
- Down Payment Assistance Forgivable Second Mortgage – FHA, VA, Fannie, Freddie
- GRANT – USDA
- Social Equity – to qualify, please visit metroDPA
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| INCOME LIMIT CRITERIA |
- Household income = 1003 Credit Qualifying Income
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| HOME ACQUISITION LIMITS |
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| HOME BUYER EDUCATION |
- Required for all borrowers. See Guidelines
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| FICO/DTI REQUIREMENT |
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| CO-SIGNERS |
- follow Agency guidelines (FHA, VA, Fannie, Freddie)
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| FORMS AND DOCUMENTATION |
- Online, once logged in to eHP system: See Forms and Guidelines
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| THE AGENCY |
- metroDPA – The City and County of Denver – Creates and sponsors a first mortgage programs and a down payment assistance programs, sets the rate, term, and points, and markets the program
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| THE LENDER |
- Take application for the program. Reserves first mortgage in eHousingPlus system
- Must meet loan processing timeline
- Process, Underwriter, Certify, Fund, Close, and Sell qualified loans to the Program Master Servicer
- Check with your company on how to reserve a loan in YOUR own system so that you have funds available at closing
- Responsible for servicing loans in accordance with Agency requirements until the loan is purchased by the Master Servicer
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| THE MASTER SERVICER |
- Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
- Servicer Lender Guides, Click here
- If you need assistance with the Servicer Lender Guides or to contact the US Bank Lender Help Desk, Click here.
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