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
ELIGIBLE AREAS
  • It is the lender’s responsibility to make sure the property is within the eligible areas. 
LOAN TIMELINE REQUIREMENTS
  • 70 calendar days
  • Loan must be UW Certified anytime prior to closing
ELIGIBILITY CRITERIA
  • No First-Time buyer requirement
  • Must be Principal Residence
  • Must occupy within 60 days of the closing
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • Fannie Mae & Freddie Mac
DPA
  • Down Payment Assistance Forgivable Second Mortgage – FHA, VA, Fannie, Freddie
  • GRANT – USDA
  • Social Equity  – to qualify, please visit metroDPA 
INCOME LIMIT CRITERIA 
  • Household income = 1003 Credit Qualifying Income
HOME ACQUISITION LIMITS
  • No Program Limit
HOME BUYER EDUCATION
  • Required for all borrowers. See Guidelines 
FICO/DTI REQUIREMENT
  • See Guidelines
CO-SIGNERS
  • follow Agency guidelines (FHA, VA, Fannie, Freddie)
FORMS AND DOCUMENTATION
  • Online, once logged in to eHP system: See Forms and  Guidelines
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
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
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.

Current Rate/Offerings – Reservation/locks – AVAILABLE from 8:00am-10:00pm Mountain (10-12 EDT excluding weekends & holidays)

Rate/Offerings FICO MH* FICO DPA Lock Rate
GOVERNMENT  
FHA, USDA, VA 640 680 0% 7.250%
FHA, USDA, VA 640 680 2% 7.625%
FHA, USDA, VA 640 680 3% 8.125%
FHA, USDA, VA 640 680 4% 8.250%
CONVENTIONAL  
Fannie Mae & Freddie Mac – 80% AMI
 640
 NO
 0% 7.250%
2% 7.500%
3% 7.750%
4% 7.875%
Fannie Mae OVER 80% AMI 
 640 NO
 2%
 7.750%

SOCIAL EQUITY with DPA as a Grant   (Effective with 6-1 reservations)    
FHA, USDA, VA 640
 680 $25k (income < $100,000) or $15k (income < $188,250) 6.625%
Fannie Mae & Freddie Mac – 80% AMI NO $25k (income <= 80% AMI) 6.875%
FHA, USDA, VA > 80% AMI 640
 680 $5k (income < $188,250) 5.875%
FHA, USDA, VA < 80% AMI 680 $5k (income < $100,000) 5.250%
Fannie Mae & Freddie Mac – 80% AMI NO $5k (income <= 80% AMI) 5.625%
         

Borrowers should be qualified prior to locking reservations.

  • 30 Year, Fixed Rate, Amortized
  • DPA, 0%, forgivable over 3 years
    • Effective with reservations as of 1/31, USDA will be a GRANT
    • Effective with reservations as of 6/1, Social Equity will be a GRANT.
  • MH – Manufactured Housing permitted on some of the above options.  See the guidelines for details.