Middle Income Household Opportunity

This pilot aims to increase the opportunity for middle-income households to buy market rate homes.


Front of townhomes

Middle Income Down Payment Assistance Pilot Program

The City of Boulder’s Middle Income Down Payment Assistance (MIDPA) Pilot Program offers middle-income households a zero-interest second mortgage. The loan amount is $200,000 or 30% of the home’s sale price, whichever is less. In exchange for this down payment assistance, the buyer agrees to deed restrict the home to keep it affordable to future buyers.

Income & Asset Max

You must meet the income limit qualifications below to participate in the Middle Income Down Payment Assistance (MIDPA).

Eligibility Income Limits
NUMBER OF PEOPLEINCOME MAXASSETS MAX
1 PERSON$126,600$158,250
2 PEOPLE$144,600$180,750
3 PEOPLE$162,720$203,400
4 PEOPLE$180,720$225,900
5 PEOPLE$195,240$244,050
6 PEOPLE$209,640$262,050
7 PEOPLE$224,160$280,200
8 PEOPLE$238,560$298,200

Income is based on gross income for standard employees and net income for self-employed people.

If there are questions regarding asset limits, please contact program staff as some exceptions can be made for extenuating circumstances (recent divorce, retirement, disability).

Exempt Retirement Assets

Retirement assets can be deducted based on this chart. Assets must be in a designated retirement account to be exempted.

AGE EXEMPT AMOUNT
Under 40 $30,000
40-55 $55,000
Over 55 $110,000

Other Program Requirements

  • The home being purchased must be a market rate home within city limits and maximum home prices apply.
  • Completion of city orientation and homebuyer education class
  • One member of the household must work 30 hours/week unless retired or disabled
  • Have a minimum of $2,000 toward down payment/closing costs (these costs will likely exceed $2,000)
  • Qualify for a first mortgage loan
  • Total debt to income ratio should not exceed 42 percent (learn more about debt to income ratios)
  • May not own another home at time of purchase
  • Home must be owner-occupied, rental restrictions apply
  • Number of bedrooms may only exceed number in household by one
  • Minimum work history of one year within the most recent 12 months
  • Agree to all covenant restrictions

Join the application waitlist.

Buyer Resources

Other Homeownership Programs

Contact Homeownership Program

Phone

303-441-3157

Email

homeownership@bouldercolorado.gov

Address

PO Box 791
Boulder, CO 80306
United States

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