Frequently Asked Questions

How long does it take to become income certified?
Generally up to two weeks.

Who needs to be on the application?
Everyone who lives in the household or who is part of the household in addition to all people who will be listed on the property title. Household members should include all individuals: legal spouse, domestic partner, or common-law spouse, children (under 18) who reside with the applicant for at least 50% of the time, and/or a significant other whom the applicant chooses to include as a member of his/her household, who will be occupying the house. The applicant’s spouse must be included unless they are legally divorced or separated. Persons not counted include foster children, unborn children and a child who resides less then 50% of the time in the home.

How is annual income calculated?
Annual income is defined as the anticipated total income for the next 12 month period received from all sources by each member (over the age of 18) of the household. It is assumed that today’s circumstance will continue for the next twelve months. Applicant is required to verify this by either submitting a letter from his/her employer stating his/her annual wage or by completing an Employer verification form. This form can be obtained by calling our office at 303-441-3157.

How is income verified for self-employed people?
Self-employed individuals should submit copies of their last three years of federal income-tax forms and must also submit an up-to-date profit/loss statement.

How are assets calculated?
Income earned (interest) not the value of the asset itself is included in annual income.

Can I combine any programs?
Neither First Home (20% Downpayment) nor the House to Home (15% downpayment) Assistance Programs can be combined with a HomeWorks (permanently affordable) Home, since these homes have already been subsidized by the City of Boulder or the developer. The 3% Solution may be used with HomeWorks.

Can I have a cosigner?
Yes, a non-occupying cosigner will not be included in the household. However, if the cosigner’s name appears on the title, her/his income must be included in the income certification application.

Do I have to be a first-time homebuyer?
To qualify for the downpayment assistance programs, you must be a first time home buyer which means you have not owned a home in the last three years unless you have been divorced (in the last three years) or you are a displaced homemaker. You do not have to be a first-time homebuyer to purchase an Affordable Home.

Do I have to purchase in the city limits of Boulder?
Yes - The Planning Department can tell you if the property is located in the City of Boulder. (303) 441-3270.

How are improvements calculated for First Home and Affordable Homes?
The low-income covenant lists all of the preapproved capital improvements. The home owner should contact the city before the improvement has begun in order to ensure how the improvement will be calculated into the resale price. Homeowners are allowed to add approximately $1,000 a year to the resale calculation for preapproved capital improvements.

Last Updated on Tuesday, 01 May 2007 07:03