20 MayHUD Changes Income Limits for Down Payment Assistance

Each year the Department of Housing and Urban Development, HUD releases the income limits for tax subsidy. These income limits are what drive the income limits for individual down payment assistance programs around the nation. Based on these updated numbers released by HUD, the individual programs offering any type of tax subsidy through lower interest rates, down payment assistance options or direct tax credits update their income limits to meet the new requirements.

The change was minimal but enough to make a difference to the income limits for the down payment assistance programs often used in Colorado. Some of these programs have not updated their programs while others have.  We will not list out each program as this will be outdated the moment a program changes their income limits.  Instead, please reference our down payment assistance page for links directly to the individual programs to stay up to date.

Here is a quick look at the Median Family Income (MFI) changes in some of the areas (listed by HUD as Metropolitan Statistical Areas or MSAs) in Colorado you may be interested in:

• Boulder
  • 2010 = $89,600
  • 2009 = $89,100
• Colorado Springs
  • 2010 = $70,600
  • 2009 = $70,800
• Denver/Aurora
  • 2010 = $75,900
  • 2009 = $76,000

If you would like to see the full list for 2010 or 2009 please use the following links for Colorado’s MSAs:

• 2010 HUD Income Limits and listing of Median Family Income
• 2009 HUD Income Limits and listing of Median Family Income

For even more information directly from HUD, please visit their Multifamily Tax Subsidy Income Limits page.

About the Author | Scott & Marla Wynn

Scott & Marla Wynn are mortgage lenders with a focus on education. We believe an educated customer is our best customer. The mortgage industry has complicated the process of obtaining a mortgage so much that most customers believe the best way to select a mortgage lender is to inquire about rates and fees. Although rates and fees are an important part of the mortgage process, there are much more important areas to be concerned with. Lending A Hand was created to pass along our experience, knowledge and research to YOU to allow you to become a more educated mortgage customer. If you are planning a home purchase or refinance and live in the state of Colorado, we hope you select the Wynn Team as your mortgage lender!