Homeownership

DEL NORTE'S HOMEOWNERSHIP PROGRAM

Barrio Aztlan Downpayment Assistance Program
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Del Norte has several assistance services ranging from a $1,000 closing grant to a $10,000 deferred loan.

These programs are for first time homebuyers (you cannot have owned a home within the last 3 years unless it was substandard or you are a displaced homemaker) who earn 80% or less of the Denver Median Income (see chart). This number is scaled to family size. Income must be verified by tax returns and W-2's from the proceeding two years and a year to date pay stub. If you earn over 80% of the Denver Median Income you do not qualify for financial assistance offered through this program.

If you decide to use one of Del Norte's homeownership programs, the first step is to fill out the application. This application is not currently available online, but you can receive a copy of it by contacting Del Norte's Homeownership Manager, Rosa Madrigal, at 303.477.4774, extension 18. Once you have filled out the application and gathered the other pertinent information requested on that form, you can call Rosa to set up an appointment. Rosa will go through your application information with you and see where you are in the homebuying process.

Much of what Del Norte offers is education regarding homebuying and homeownership. This counseling looks at your individual situation and helps you prepare to succeed at obtaining a mortgage and owning your home. Some of the issues that are looked at throughout this process include:

Budgeting/Saving;

Use of credit and establishing new credit patterns/paying off old past due accounts;

What you can comfortably pay in a house payment, and what a mortgage company will qualify you for;

The stability of your income (usually derived from a job);

The responsibilities of homeownership.

Preparing for homeownership is usually a lengthy process and some clients have worked, with our direction, on homeownership issues (including credit, saving money, increasing income) up to 2 ½ years before actually purchasing a home through our program. There are some assistance programs available for people at or below 80% of the median income.

Property Eligibility

The property must be located within the limits of the City and County of Denver.