CURRENTLY SOLD OUT - TAKING BACK UPS
These urban townhomes at Tremont place will be a new affordable housing development which will provide homeownership opportunities to households making less than 80% of Denver's area median income through the Affordable Housing Program of the City and County of Denver's Office of Economic Development.
This development will feature both two and three bedroom floorplans and will start in the mids $200s.
The income guidelines are based on household size (all those that will occupy the home, including children)
Family of 1 – Income must be above $31,500 and below $50,350
Family of 2 – Income must be above $36,000 and below $57,550
Family of 3 – Income must be above $40,500 and below $64,750
Family of 4 – Income must be above $44,950 and below $71,900
Family of 5 – Income must be above $48,550 and below $77,700
Family of 6 – Income must be above $52,150 and below $83,450
Buyers must meet the guidelines from reservation time until closing. Income guidelines are subject to change.
In order to qualify for the program, a buyer must have a front end or housing ratio of no more than 30%. A lender would be able to determine this ratio based on a buyer’s loan application. This front end ratio needs to include HOA fees, which for this development is set at $110/per month (subject to change) and taxes are estimated to be 1% of purchase price, as this units haven’t been assessed yet. The best way to stay on top of the guidelines and any changes, is by visiting the Affordable Housing website.
If a buyer meets these guidelines, the only other requirement is to qualify and be approved for a mortgage. Although it is not required to use the services of any particular lender, we do recommend using a lender that is familiar with the program and understands it as it is quite difficult. Some of the lenders we have used in the past and recommend are:
UNIVERSAL LENDING | Sandy Levy | firstname.lastname@example.org | 303-759-7402
CALIBER HOME LOANS | Lori Graham | 303-249-2728 | Lori.email@example.com
MEGASTAR FINANCIAL | Mike Stone | firstname.lastname@example.org | 303-999-1664
US BANK | Barry Merryman | Barry.email@example.com | 303-775-1303
To get added to our waitlist, please click here for our reservation form.
The site plan can also be seen HERE