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Del Norte’s Homeownership Program

Prepared by:

Mari Takeshita @ Cherry Creek Properties 303.941.6274

Sharon Campbell @ Guild Mortgage Company at 720-746-4072



Del Norte’s Homeownership Program provides single family housing production and is designed for low/moderate-income families and individuals earning no more than 80% of the Denver Area Median Income (AMI). The program also includes homeownership counseling (English and Spanish), monthly homebuyer workshops (English and Spanish) and a second mortgage program for down payment assistance.

Down payment Assistance Loans are up to $15,000. Assistance is in the form of a loan with 0% interest deferred due upon sale or transfer of property title. Property must be in Denver County. Similar assistance is available to homebuyers who are purchasing a property located in Denver, Adams, Arapahoe, Jefferson, Douglas, and Broomfield counties.

Occupancy Restrictions Property must be owner occupied.

Requirements First time buyers may not have owned a home in the past three years, or meet the Federal definition of a first time home buyer.

Households with incomes over 80% of Denver area median income are not eligible for financial assistance, but can receive free homebuyer counseling. A homebuyer’s income must be at or below 80% of the Denver area median income, adjusted to household size.

For additional information or to attend our homebuyer education classes contact Rosa Madrigal, Manager Homeownership Services at 720-880-7910 ext. 304 Post-Purchase Counseling The goal of post purchase counseling is to reduce the risk for default on home loans by families/individuals via one-on-one interviews and educational workshops. These services include education on property maintenance, money management, relations with lenders, and budget development. Post-Purchase Counseling provides ongoing support for families/individuals after they have purchased a home ensuring that their homeownership experience is a successful one.

Financial Literacy Financial Literacy classes provide understanding of what credit is by increasing awareness of the rights and responsibilities of using credit. Counselors give assistance by identifying and prioritizing personal and financial goals. A plan is created to achieve set goals and maintain a budget.

Early Delinquency Counseling There are many reasons homeowners face difficulty in making mortgage payments: unexpected expenses, loss of employment and overspending. Early Delinquency Counseling involves addressing the financial crisis in the earliest possible stages informing the client of all available options to act quickly. For more information or to make an appointment for counseling call: Rosa Madrigal ext. 304 or Juan Carlos Vasquez ext. 302 at 720-880-7910

HUD Homes Program This program purchases homes from the US Department of HUD’s portfolio of foreclosed properties at a discounted price. As a non-profit Del Norte is able to bid on properties during the initial bidding period with owner occupants and receives a 10% discount on any HUD purchase. Typically Del Norte purchases five properties from HUD at a time (called a Bulk Purchase), which enables a 15% discount on each property included in the bulk purchase. These homes and their systems are inspected and systems are repaired or replaced as needed. Roofs are routinely inspected and warrantied; HVAC systems are repaired, cleaned and certified or replaced if needed; Radon levels are checked and radon abatement is performed by licensed professionals when needed; Weather-stripping and insulation is checked and if found to be deficient these items are corrected; Fluorescents are installed throughout the home. Additionally the homes are also made cosmetically attractive and generally receive New Energy Star Appliances, carpet, flooring and paint. Once homes have been brought to a like new condition they are sold to qualified buyers, often first time owners, and savings that Del Norte realized during purchase and rehab are passed on to the ultimate