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PURCHASING A DENVER AFFORDABLE HOME

 

Thank you for your interest in the Denver Affordable Housing program. Please thoroughly read the following information regarding the program and what information you will need to provide for the income verification process.

In order to become eligible to purchase an affordable unit in Denver, you must submit a completed Income Verification & Eligibility Form.  Each employed household member, over the age of 18 years, must provide the following information and documents, as applicable.  Please be aware that a variety of information will be requested to assist in determining eligibility.    


The unit you are purchasing MUST be in the City and County of Denver.
DO NOT SCHEDULE a closing until you have been income verified by the City of Denver's Office of Housing Stability (HOST).

INCOME VERIFICATION & ELIGIBILITY

For each designated affordable for sale unit, the Seller will provide to HOST the name of one applicant for income verification review. If you are interested in purchasing a specific affordable home, your name must be provided to HOST by the seller and/or seller’s real estate agent.  

     

To Begin:  Before you begin the income verification process, all applicants must have a signed sales contract on and loan approval for the affordable unit they are interested in purchasing. The unit you are purchasing MUST be in the City and County of Denver. Once you have a signed sales contract and a loan approval from your lender, you can begin the income verification process!

       

Please Note:  households interested in purchasing a Denver affordable home may not own a home, current residence or rental property, prior to closing on the affordable home. Proof of sale must be provided to the HOST before closing on the affordable home.


Documents You Will Need to Have BEFORE Starting Your Application


1.    Executed Purchase Contract for the home you wish to purchase.     

 

2.    Completed Loan Application form from your lender.

  

3.    Paystubs – two months of your most recent paychecks for each employed household member age 18 years and older who is currently employed.


4.    Bank Statements – two months of complete and recent statements from each bank account. Please provide the monthly statements that your bank would provide to you in the mail. Please do not provide screen shots of statements. Please explain all deposits over $100.00 that are not attributed to your employment income.


5.    Verification of Employment form for each household member who is over 15 years old and currently working. Please have this form completed by the employer and emailed to: 

affordablehousing@denvergov.org. We cannot access income information from an automated system. Please have your realtor or lender access this for you and email the complete form to  affordablehousing@denvergov.org.


6.    Asset Statements – two most recent statements, that are at least monthly statements, for ALL asset accounts. Asset accounts include 401K, pension, stocks, bonds, money market, etc. Dividends that you receive or that are reinvested back into your account, will be included with your annual gross income. Any asset funds being utilized for purchase of the affordable home (i.e. down payment) will be excluded from the asset calculation if sufficient documentation is provided and approved by HOST. 

 

Please Note:  There is an asset limit equal to one and a half (1.5) times the amount of the HOST published Sales Price for an 80% AMI unit, adjusted for bedroom size, or 95% AMI unit, adjusted for bedroom size depending on build designation (i.e. standard build vs. high cost structure).  However, HOST may allow certain exemptions for retired or permanently disabled applicants.  If you are such an applicant and wish to discuss a possible exemption, please contact HOST at 720/913-1634. 

 

7.    If self-employed, provide the last two years of complete Federal Tax Returns (including Schedule C) and copies of any current contracts.  Note:  Both business and personal Federal Tax Returns will be required.

 

8.    Federal Tax Transcripts the last TWO YEARS of FEDERAL income tax returns for each employed household member (age 15 years or older).  This includes both individual and business returns.  You can request Federal tax transcripts at http://www.irs.gov/Individuals/Get-Transcript or you can call the IRS at 1-800-829-1040 and request a transcript.  Please do not provide State Tax Returns.

 

9.    If you are divorced, please provide a copy of your executed Divorce Decree, Separation Agreement, Child Support Orders and/or any other associated Orders relating to maintenance/alimony and/or child support.  Your divorce must be finalized prior to purchasing an affordable unit.

 

10.    Award letter(s) if receiving unemployment, social security, pension, survivor, disability, TANF, etc.

 

11.    If receiving a financial gift, please note that gift funds provided to households seeking to purchase a Denver affordable home are restricted to 20% of the purchase price of the affordable home.  Gift funds must be solely used towards the purchase of an affordable home (i.e. down payment) and the gift letter must include the following: 

§  Who is receiving the gift funds;

§  The name and relationship of the person giving the gift funds;

§  The exact dollar amount of the gift funds; and

§  A statement that no repayment is required and that the gift funds will be used solely for the purchase of a Denver affordable home.

 

12.    Housing Counseling class certificate - The City and County of Denver partners with several non-profit organizations that offer FREE homeownership counseling classes.  These classes include information on how to obtain a home mortgage, how to prepare for homeownership, closing process information, home maintenance, possible down payment assistance, etc. Please contact any of the following providers to attend a HUD approved housing counseling class.   


Brothers Redevelopment

(303) 202-6340

Colorado Housing Assistance Corp.

(303) 572-9445

Del Norte Neighborhood Development

(303) 477-4774

Denver Housing Authority

(720) 932-3000

NEWSED Community Development

(303) 534-8342

Northeast Denver Housing Center

(303) 377-3334

  

Please do not schedule a closing until you have been income verified.

INCOME VERIFICATION REVIEW PROCESS


HOST will first conduct a preliminary completeness review of your submitted application. If your application is incomplete, staff will contact you to advise you of any missing documentation or documents needed to clarify your application information. Once your application is complete, HOST conducts the income verification analysis and will contact you with the results within ten (10) business days.  Incomplete income verification submittals may take up to thirty (30) days to process. Incomplete applications may take 30 days or more to get to a completed application.

 

Please be aware that a variety of information might be requested to assist in determining eligibility.  If the initial submittal is incomplete or unclear, a complete review will not be conducted until all information has been received.  If the information is not provided within 60 calendar days of HOST’s first contact with applicant regarding the initial review of the income verification, the submittal will be designated as “incomplete” shall be withdrawn from consideration and no longer eligible for review.   As such, the electronic application will be deleted and/or the physical application will be destroyed.

   

If you have any questions please contact the Department of Housing Stability at: affordablehousing@denvergov.org or (720)913-1634.


THANK YOU FOR YOUR INTEREST IN DENVER'S AFFORDABLE HOUSING PROGRAM!


To proceed with the income verification application you must have a Completed loan application and a signed Purchase Contract. 


Page 2 - Applicant Information


Applicants purchasing affordable homes must attend a housing counseling class provided by a HUD certified housing counseling agency and attach a copy of the Housing Counseling Certificate received.   If the Certificate has not yet been obtained, please provide confirmation of scheduled attendance.  PLEASE NOTE:   A copy of the Housing Counseling Certificate must be received prior to closing or the income verification will be voided.  Additionally, while Housing Counseling is not required for other affordable projects (such as Lowry, Green Valley Ranch or Rezone Agreements), it is strongly recommended. 



  


Please list the name of the project, address and purchase price of the unit you are interested in purchasing. 

The unit you are purchasing MUST be in the City AND County of Denver.








Contact Information

Please provide contact information for each household member that will be on the title. 


   










Employment Information (Primary Applicant)                                                                                     










Regular Gross Annual Income (Primary Applicant)
NOTE: If you do not have any income in a required field please input 0.                                                   






Assets (Primary Applicant)                                                                                                            




For each asset or asset account, please upload the most recent 2 months of statements


Home Ownership (Primary Applicant)                                                                                          















Employment Information (Co-Applicant)                                                                                               










Regular Gross Annual Income (Co-Applicant)
NOTE: If you do not have any income in a required field please input 0.                                            









Home Ownership (Co-Applicant)                                                                                                        





  

If you have any questions please contact the Department of Housing Stability at: affordablehousing@denvergov.org or (720)913-1634.

Edit this text

Page 3 - Broker and Lending Information

   


Please fill out information below about your Real Estate Agent





  


Please fill out information below about your Lender









If you have any questions please contact the Department of Housing Stability at: affordablehousing@denvergov.org or (720)913-1634.

Page 4 - Financial Information

Household Information
For each household member  who is earning income, please enter the requested information for each.  



Please Note:  Each household member will be required to complete and attach various income documentation.  Once the application is completed by the first household member, the application will start again for the second household member.  This process will continue until income information for all household members has been submitted.  Please be sure to include all information requested for each household member.

PERSONAL IDENTIFIABLE INFORMATION (“PII”)

Defining and protecting personal identifiable information (“PII”) has recently become much more important as a component of personal privacy, now that advances in computing and communications technology, including the internet, has made it easier to collect and process vast amounts of information but that collection has increased the risk of identity theft and fraud. 

The protection of personal identifiable information (“PII”) and the overall privacy of information is a vital concern of the City and County of Denver; however, as a participant (or representative of participant) in City programs the owner or submitter of the information is required to protect PII. 

For example an employer’s tax i.d. number should be removed by the employee when the employee is submitting a pay stub, in addition to removing the employee’s i.d. number or Social Security Number (SSN). 

THE APPLICANT IS RESPONSIBLE FOR REDACTING ALL PERSONAL IDENTIFIABLE INFORMATION(PII) PRIOR TO SUBMITTAL OF ANY INFORMATION VIA AUTOMATED SYSTEM AND AS A CONDITION OF APPLICATION. THE CITY SHALL NOT UNDER ANY CIRCUMSTANCES BE HELD LIABLE FOR ANY COMPROMISED PII DATA.

PII that should be removed through blackout, “white out” or erasure before any materials are provided to the City; however, should remain identifiable for review. These documents may include, but are not limited to:

PERSONAL INFORMATION EXAMPLES REDACT
Social Security Number All identifying numbers except for the last four digits
Driver‘s license number All identifying numbers except for the last four digits
Bank and Asset Account Numbers All identifying numbers except for the last four digits
Bank Routing Number All information
Credit card numbers except All identifying numbers except for the last four digits
for last four digits
Employee ID Number All identifying numbers except for the last four digits
Taxpayer identification number All identifying numbers except for the last four digits
National identification number All identifying numbers except for the last four digits
Passport number All identifying numbers except for the last four digits
Date of birth All identifying numbers except for the year of birth
Awards or receipt of benefits - All identifying numbers except for the last four digits
identifying number

 


Transcripts received from the IRS of the last TWO YEARS of FEDERAL income tax returns for each employed household member (age 15 years or older).  You can request Federal tax transcripts at http://www.irs.gov/Individuals/Get-Transcript or you can call the IRS at 1-800-829-1040 and request a transcript. Please do not provide State Tax Returns. The transcript must include a summary of all sources of income for each household member. 

If you can not obtain a Federal Tax transcript, you may alternatively provide signed copies of the last two years of Federal Tax Returns, all attachments (i.e. schedules, W-2’s, 1099’s, etc.) and proof of electronic filing. Again, please do not provide State Tax Returns.

If you are self-employed and filed separate business tax returns, the last two years of federal business tax transcripts must be provided.

   

Complete copies of the last TWO MONTHS of all checking, savings and asset account statements.  Asset accounts include stocks, bonds, money market accounts, individual retirement accounts, government bonds, etc. Only the interest and/or dividends from these accounts will be included with your annual gross income.


All active accounts must be disclosed, no matter the balance or status. Each statement must include all recent activity and may not be a summary of accounts. If you are self-employed and filed separate business tax returns, the last two years months of business bank and asset accounts must be provide. Please explain any deposits over $100.00 that are not self-explanatory per the bank statement.

If you have additional bank account information please inform the program coordinator with the additional account statements. 



 


 


 


 


 


   

Complete copies of the last TWO MONTHS of all checking, savings and asset account statements.  Asset accounts include stocks, bonds, money market accounts, individual retirement accounts, government bonds, etc. Only the interest and/or dividends from these accounts will be included with your annual gross income.


All active accounts must be disclosed, no matter the balance or status. Each statement must include all recent activity and may not be a summary of accounts. If you are self-employed and filed separate business tax returns, the last two years months of business bank and asset accounts must be provided.





 




 




 




 




 





   


Complete copies of the last TWO MONTHS of paycheck stubs for each employed household member age 15 years and older. 

Paycheck stubs must be consecutive and all employment must be disclosed.















   














   














   














   














   


Please attach the completed Verification of Employment for each job.   Please follow this link to find a copy of the Verification of Employment form.

Please note: the Verification of Employment form must be completed by each employer


   

   

   

   

   

Award letter(s) if receiving unemployment, social security, pension, survivor, military benefits, disability, TANF, etc.

For any award being received, please provide the most current award letter. 










   

If you are divorced or have been divorced since the last Federal Tax filing year, provide a copy of the following executed documents:  Divorce Decree, Separation Agreement and Child Support Orders. Your divorce must be finalized prior to purchasing an affordable unit.

All documents listed above must be provided and the executed copies – i.e. signed by a Judge and recorded in a Court of law.

















Remember that ALL household members MUST be income verified.

Therefore, if you have additional information to attach, or information on additional household members, DO NOT CLICK THE BELOW "SUBMIT" BUTTON. Please click the "Save my progress and resume later" link at the bottom of this form. This will allow you to return to the Income Verification Form and include all required information.

If you have any questions please contact the Department of Housing Stability at: affordablehousing@denvergov.org or (720)913-1634.

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