Denver Housing Authority
HomeOwnership Program
Denver Housing Authority's (DHA) HomeOwnership Program provides educational and financial benefits to DHA residents. This program is designed to educate participants regarding what they need to do to become home owners.
Over 115 DHA residents have worked hard and become home owners. In addition, DHA’s HomeOwnership Program has helped over 50 families from the general public buy a home of their own.
Program Benefits
DHA's staff provides home ownership and financial assessments to determine what barriers a person faces on their journey to home ownership. We help establish goals a person needs to meet before they are ready to apply for a mortgage loan and buy their own home.
Financial Assistance
DHA's HomeOwnership Program has many resources available to provide financial assistance to residents who are purchasing a home. Financial assistance that is available includes:
· Reduced Interest Rate
· Second Mortgages
· Down Payment Assistance
· Closing Costs Assistance
· Matching Savings Account
· Family Self Sufficiency Escrow
Account
Credit Repair
Credit repair is a major task for most people who are trying to buy a home. As a HomeOwnership Program participant, DHA staff will pull your credit report from all three credit bureaus free of charge.
HomeOwnership staff will:
· explain the credit report
· offer recommendations about how to dispute incorrect information
· show you how to restart payment programs
· show you how to write letters to clear up delinquencies and collections
· guide you in whatever else needs to be done to create good credit.
Savings
DHA offers a Matching Savings Account (MSA) for HomeOwnership Program participants. For every dollar that a participant saves (up to 1,500 total), DHA will match that dollar when the participant buys a house (if the rules of the MSA program are followed).
Money Management
Budgeting, reducing debts, and saving money is a major task for anyone who is working towards buying a home. Home ownership staff provide money management counseling.
Employment Counseling
One of the biggest barriers to buying a home is income. If a participant does not make enough money to be able to get a home loan, they can work with DHA staff to get referrals and/or training to increase their income.
Homebuyer's Club
When HomeOwnership participants are less than a year away from buying a home they are invited to join the Homebuyer's Club. The Homebuyer's Club covers advanced topics related to buying a house such as real estate terms, mortgage loans, working with real estate agents and other contractors, the home purchase process, and more.
Incentive Plus Classes
Incentive Plus classes are offered to all participants of the Home-Ownership Program. These classes cover a variety of topics including real estate, self sufficiency, employment, and more. Participants receive $20.00 coupons towards their home purchase for every class that they attend.
For more information on
Denver Housing Authority's
HomeOwnership Program,
call 303-623-1735, ext 225.