What are the requirements to qualify for the Boulder County Down Payment Assistance Program?
In addition to being income and asset-eligible for the program, all homebuyers must submit a completed application form and attend a homeownership training course. A homebuyer must also be preapproved by the lender of his/her choice. The City does not allow subprime, interest-only or adjustable-rate mortgages. The final piece of the application process is for the homebuyer to meet with a housing counselor who reviews their mortgage to ensure that it meets the City’s requirements and is also appropriate for the homebuyer’s situation. All of these steps help ensure that households cannot only purchase a home but can sustain homeownership. Once a homebuyer has completed the application process and has been determined income and asset-eligible, they may sign purchase contract on a home.
