Denver Offers New Homebuyer Assistance Program

DENVER (CBS4) - There's an effort to make it easier for families to own a home in the Denver area.

The Office of Economic Development now has a new homebuyer assistance program. It gives a 4 percent down payment for qualified buyers.

"We'll provide homebuyers a competitively priced 30-year fixed rate mortgage with, most importantly, a 4 percent grant for down payment closing costs," Mark O'Brien with Raymond James & Company said. ""So, for example, a homebuyer with a $100,000 mortgage loan will also get 4 percent of that amount, or $4,000 from the city and county of Denver."

Unlike past mortgage assistance programs, home buyers don't need to be first-time home owners. They do need to have good credit and there's no maximum purchase price.