How to Buy at Legacy at City Park South

Checklist

1. Review the available residence plans and pricing at Legacy Preview Center located at 1623 Saint Paul Street, Denver, Colorado 80206. Call one of our preferred lenders to confirm your qualification for purchase price and projected payments.

• Park Erickson with FirstBank of Colorado (303-688-0660)
• Leslie Swanberg-Elliston of Wells Fargo Home Mortgage (303-513-9375)

2. The lender will provide you with a Pre-Qualification Letter.

Sign a purchase contract at Legacy Preview Center.

• You will attach the Pre-Qualification Letter you received from your lender.

• You will also submit a check for $1,000 as earnest money; this will be held by
  the title company until closing when it will be applied to your purchase.

• You will be asked to affirm that you meet IHO program income guidelines.

3. Fill in and submit IHO eligibility application to the Compliance Manager at the City & County of Denver (720-913-1634, 201 W. Colfax) and once you receive certificate of eligibility, provide this to Legacy.

4. Meet with your lender to complete full loan application. Work with lender to apply for down payment assistance, if required.

5. Take CHAC home buyer class and receive certificate of completion to provide to Legacy (www.ColoradoHousingAssistance.org or 303-572-9445).

6. Continue to work with lender to resolve all loan requirements.

7. Close on the purchase of your new home.

Helping to meet your goal of Home Ownership in 2007

Legacy at City Park South is designed to meet the needs of prospective homebuyers who, though they may earn near the median income, are still unable to purchase the quality of home they want at a location they love.

Through the Inclusionary Housing Ordinance (IHO) of the City & County of Denver, Legacy at City Park South provides new, quality home ownership opportunities to buyers earning at or somewhat below 95% of Area Median Income (AMI). As long as your income is within these program limits, you meet IHO guidelines (described below), and you qualify for an approved mortgage or can otherwise successfully complete the purchase -- you can buy a home at Legacy. You do not need to be a first-time home buyer.

The current maximum household income levels allowed by this program are:

How do you apply for IHO qualification?

Provide the documents numbered 1-5, listed below, to Stephanie Adams (720-913-1634, Stephanie.Adams@ci.denver.co.us) with the Housing & Neighborhood Development Services Department of the City & County of Denver. Incomplete applications will be returned unprocessed. You can expect a response to a complete application within 10 business days. IHO certification is valid for six months. If you sign a purchase contract prior to or within six months of approval, the validity is automatically extended until the close or cancellation of the purchase contract.

• Fax complete application to:
720-913-1554

• Mail complete application to:
Main Office
Denver Office of Economic Development
201 W. Colfax Ave., 2nd Floor, Dept. 1005
Denver, CO 80202

1. Income Verification form
Please provide complete and accurate information regarding all members who will be living in the home. Although assets are required to be disclosed, only actual current income is used to determine IHO eligibility.

2. Employer Verification of Income form
If you are self employed, you must submit a year-to-date profit and loss statement prepared by either you or your account. This statement must be notarized, sworn to, and signed by you.
If you do not have a job currently, participants in the IHO program must still be able to obtain a mortgage and make monthly mortgage payments on their own behalf or have enough assets to purchase the home outright and show enough income or reserves for reasonable household expenses and bills.

3. A copy of your two most recent years of certified federal income tax returns or summary statement. Note: Electronic summary, e-File, or TeleFax are not acceptable.

To request tax transcripts, call the Internal Revenue Service (IRS) at 1-800-829-1040 or order by mail using IRS Form 4506T to request Transcript of Tax Return. No fee charged, but allow two weeks for delivery.

Other tax info:
If your tax return shows more income than you currently make, keep in mind that IHO qualification uses pay stubs to determine your actual current income, and the employer verification of income to project future income. Tax returns are used to verify other information on your application and are not the sole factor determining IHO qualification.

If you filed a joint tax return last year and are now separated, you will need to supply verification of your separation in the form of a separation agreement.

If you are new to the U.S. and have never filed taxes, you must provide documentation to verify your date of entry into the U.S. (Form 1-94 with entry date stamped). You must also contact the IRS to request a Form 1722 stating that you have not filed federal taxes in the last two years, (call 1-800-829-1040).

4. A recent copy of a pay stub for every wage earner in the household.
If an employed person in the household does not receive a paycheck stub, he or she can have employer verify annual income and year-to-date earnings on company letterhead or through the Employer Verification of Income Form, attached here.
If you’ll have a co-signer that will be listed on the Deed of Trust and if they plan to live with you or not, they must also be income verified.

5. If applicable, verification of child support/alimony.

6. If applicable, a divorce decree or temporary orders if in the process of a divorce.

Once this process is complete and approved by the City & County of Denver, we will assist you in identifying mortgage loan providers including applicable down payment assistance. Please call Colorado Housing Assistance Corporation (CHAC) at 1-303-872-9445 to discuss down payment assistance programs and home buyer classes.