How is it even possible to afford a house? How to get into a home in Denver on a modest budget.

Denver home prices are sky rocketing. To be frank, it’s just insane. Buyers are scrambling to make their offer look the better than the rest, and some times (ok, most times), they get outbid. Properties are going for 40k and 50k over asking. 

For those of you stressing about how you can afford a home here and stop throwing away money on rent, Denver has a program for you. The Denver housing ownership stability program provides an opportunity for median income families to own their own home or condominium. 

The two main requirements of this program are meeting the income requirements and limits, and to maintain a housing payment at or below 35%. For a family of 4, this is an annual income of 50,000-78,500. If you were making 70,000 annually, your monthly payment cannot exceed 2,041 per month. A lender can help you come up with this and plan your budget. 

So how do you get started? First, get approved by a lender that specifically works with the program. Choose from a lender on the provided list on the city’s Housing Stability website. Next, find an agent, specifically an agent that is familiar with the program. Then, start to shop around. A list of available homes can be found on www.coloradohousingsearch.com. Then, let your agent work their magic and he or she can walk you through the purchase process. 

The best advice I can give anyone interested about this program is to find an agent that knows this program. Often they already have several sellers in mind for this program, and can save you the headache of touring homes and not knowing whether or not your offer will be accepted. You will still have to go through the city and qualify, but having someone on your side that already understands the steps will save from the headache of trying to figure it out on your own. For more information, contact me.