Affordable homes at Stapleton are provided through a partnership with the City & County of Denver. The City of Denver also wants to ensure that homes are affordable to buyers. The standard for “affordable” is that a household does not pay more than about a third of their income on a housing payment. Denver requires that affordable homebuyers spend no more than 35% of their total household income on a mortgage payment and HOA dues.
This may be different than what your mortgage lender is able to approve, so it is important to understand the housing payment to income requirements of both the City of Denver and your mortgage lender. Another area of difference is that the City of Denver’s affordable housing requirements take into account the total income of all household members who will be living in the home, while your mortgage lender takes into account the income of those responsible for the mortgage. As a result, the income that the City of Denver uses to verify eligibility may be different than that used by your mortgage lender. The key to a successful affordable home purchase is to understand these differences and make sure that you provide the requested documentation for each type of application.