Lender Guide to Affordable Homeownership Opportunities

Welcome Mortgage Lenders!

The City’s homeownership programs have been designed to facilitate standard mortgage financing, including FHA and Fannie Mae approval of the City’s affordability restrictions.  Dozens of lenders have made purchase, refinance and home equity loans on permanently affordable homes in Boulder.  To answer questions, we have developed an information sheet on our mortgage policies.

MORTGAGE POLICIES

The City of Boulder requires that mortgages on permanently affordable homes meet several requirements.  The intent of these requirements is to reduce the risk of default and foreclosure.  In the event of foreclosure, the lender has the right to remove the affordability restrictions if the City does not intervene.  As such intervention typically costs several thousand dollars; the City has instituted a number of precautions.  For example, all buyers are required to attend homebuyer training and make a significant investment in the home.  The mortgage requirements have been developed with this in mind while attempting to preserve adequate mortgage options for buyers.  Please contact Heather Shea at This e-mail address is being protected from spambots. You need JavaScript enabled to view it   with comments or questions.   

 Mortgage Policies

On the other pages of this website you’ll find detailed information on the homeownership programs.  Many lenders have also found it valuable to attend our semi-monthly orientation for applicants.

Last Updated on Tuesday, 31 March 2009 05:26