Denver Housing Authority (DHA,) as a HUD-Approved Counseling Agency, offers a HomeOwnership Program to provide educational and financial benefits to its participants. This program is designed to educate individuals on how they can become "loan ready". With the assistance of the HomeOwnership Program, over 200 DHA residents have become home owners.
DHA's staff provides home ownership and financial assessments to determine what barriers a person faces on their journey to purchase a home. Through this process we help establish goals a participant needs to meet before they are ready to apply for a mortgage loan and buy their own home.
Budgeting, reducing debts, and saving money are major tasks for anyone who is working toward financial fitness. HomeOwnership staff provide money management counseling to assist participants in developing an action plan to address these areas.
Credit management is a significant goal for most people who are trying to buy a home. As a Home Ownership Program participant, DHA staff will pull your credit report from all three credit bureaus, including credit scores, free of charge and provide credit counseling to ensure you understand how to read your credit report, improve your credit score and confirm correct information is reported on your credit report.
DHA offers a Matching Savings Account (MSA) for DHA Residents enrolled in the HomeOwnership Program. For every dollar that a participant saves, (up to $1,500 total), DHA will match when the participant buys a house, (if the rules of the MSA Program are followed). The Mile High United Way offers the Individual Development Account (IDA) for homeownership, post-secondary education, and starting a business.
When a HomeOwnership Program participant is less than a year away from buying a home they are invited to join Homebuyer's Club. Homebuyer's Club covers advanced topics related to the process of purchasing a home. These include, but are not limited to, real estate terms, mortgage loans, working with real estate agents and other contractors, the home purchase process, Fair Housing, and more.
Incentive Plus Classes
Incentive Plus classes are offered to all public housing and Section 8 participants of the HomeOwnership 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.
Homeownership Financial Assistance
DHA's Home Ownership Program has many resources available to provide financial assistance to residents who are purchasing a home. These resources are based on need and can include:
Reduced Interest Rate mortgage products
Private Mortgage Insurance reduction products
Down Payment Assistance
Closing Costs Assistance
Matching Savings Account
Family Self Sufficiency Escrow Account
For more information on Denver Housing Authority's HomeOwnership Program, call 720-956-3801