By: Marissa Jones
Spruce Townhomes, built by Northeast Denver Housing, is a part of Denver’s 80238 Affordable Housing Program. This housing is for those who earn 80% Area Median Income (AMI).
Soon-to-be-resident, Jake, recently took the opportunity to purchase a Spruce Townhome. Jake happened to be in the community when he noticed that Northeast Denver Housing was having an open house. He decided to tour the model at 7789 E. Martin Luther King Jr. Blvd. and get a feel for the layout. He thought the townhomes would be out of his price range; however, upon seeing the townhome, Jake was “blown away by the quality and size.” After speaking to the ladies in the sales office, Jake was shocked to learn that the townhomes are part of Denver’s 80238 Affordable Housing Program.
The sales team “was monumentally helpful. They found me a lender and within five minutes I was approved.” It took Jake roughly three months to receive confirmation from a preferred lender. But once he was approved, his path towards homeownership began. The initial approval process started with the “pre-approval letter from the mortgage company.” This requires a “minimum of a phone interview, verifying pay stubs followed by financial background check.” A frustrating part for Jake was that he did not know where his approval status stood during this time. Then he had to “do an interview with the city and county where they check your qualifications for the program.” His next step was to complete a homeowner’s class. “The process may sound intimidating, but of all the people I spoke with- from agents, to lenders, to the city- genuinely want to help. They are proud of the program, of being a part of it, and they want to see you benefit from it.”
Although he had to do a lot of leg work to be able to purchase, Jake mentioned that “the process is fun, too. In my case, because it was a new build, I was able to see all the upgrade options before construction even began and decide what I thought looked best. Those are big decisions I never thought I would GET to make, at least not for a while.”
His advice to those starting their affordable housing journey is, “Don’t be afraid to go look. You might be surprised at what you can afford. I know I was.”
For information on Denver’ 80238 Affordable Housing click here