Will the lender own my home?

No, you will continue to own your home.

Will my children have to pay back the money?

Your heirs are not liable for debt on your home. Your estate will pay only the loan amount or the value of your home at sale, whichever is less.

Will my children get any funds from my home after I die?

If your home sells for more than the loan obligation, your estate is credited with the difference.

Will I eventually be evicted?

Maintain your property to FHA standards, use it for your primary residence, pay your taxes and insurance, and there is no risk of losing your home.

Can I only use the money for certain things?

Proceeds can be used for any purpose.

Do I have to study and take a test?

You will have to attend a session with a HUD-approved counselor. You will learn all about reverse mortgages and the options available. This is an extra measure of protection for you, no test required.

metroDPA
Social Equity Program

Colorado Homebuyers Could Receive Up To $25,000 In Down Payment Assistance!*

The metroDPA Social Equity Program offers potential homeowners $15,000 or $25,000 based on their income level and approval by the Department of Housing Stability.

The program targets people who lived in or are descendants of families that lived in Denver's redlined neighborhoods from 1938-2000.

metroDPA Social Equity Program Eligibility:

Family makes up to $176,700/year
Minimum credit score of 640
Up to 5% in down payment assistance with no interest*
Forgivable loan: The homeowner doesn't have to pay it back if they live in the house for more than 3 years.

*First lien interest rates may be higher when using a DPA second.

What is the metroDPA Social Equity Program?

The metroDPA Social Equity Program offers potential homeowners $15,000 or $25,000 based on their income level and approval by the Department of Housing Stability.*

The program aims to increase homeownership in communities of color, and targets people who lived in or are descendants of families that lived in Denver’s redlined neighborhoods from 1938-2000.

metroDPA Social Equity Program Eligibility:

Family makes up to $176,700/year
Minimum credit score of 640
Up to 5% in down payment assistance with no interest*
Forgivable loan - don't have to pay back in the homeowner stays in the home for more than 3 years

Applicants must do the following to use the metroDPA Social Equity program:

Find the location on the redlined mapping tool to identify it as an eligible property
Complete a form and provide the necessary documentation to prove eligibility
If eligible, an approval # will be emailed to you
Meet credit and income qualifications to qualify for a metroDPA home loan
Income level determines the amount of assistance