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Eagle County

Prepared by:

Mari Takeshita @ Cherry Creek Properties 303.941.6274

Sharon Campbell @ Guild Mortgage Company at 720-746-4072


In an effort to bring the benefits of homeownership to as many residents as possible, the Housing and Development Department has developed and backed the award winning Down Payment Assistance Program. Completion of a Homebuyer class is a requirement. Some of the topics include home buying readiness, money management, establishing and maintaining good credit, the pros and cons of homeownership, the types of loans available and information about the down payment assistance programs available to the county residents. For information about Homebuyer classes, please call 970-328-8775 or email Tori Franks

For web classes please visit the eHomeAmerica website.

Down Payment Assistance Loan Short Sale Approval Policy

What is a Down Payment Assistance Loan? It is a loan to be used for down payment, closing costs and prepaid expenses associated with buying a home.

Where do I start? Usually, potential home buyers identify the property they want to buy and then contact a lender to start the financing process. It’s at that point that you should make an appointment at The Valley Home Store for a personal counseling session. Even before you start looking for a home, you can schedule a pre-home buying appointment at The Valley Home Store to learn more about our programs. One of our staff experts will help determine which program and funding amount will work for you. If you qualify for down payment assistance, The Valley Home Store will work with your lender to prepare all the necessary documents for closing.

Is down payment assistance guaranteed? No. There are numerous factors that can affect funding. Funds come from various government and private entities. Higher demand for loan assistance can reduce or deplete the funding pool and limit the availability of new loans. Other factors taken into consideration are the cost of the property, your personal financial situation, work history and residency.

How much money could I get with a down payment assistance loan? For open market homes, assistance is limited to 2.5 percent of the purchase price. For deed restricted homes, it’s up
to 3.5 percent of the purchase price. However, depending on the program(s) used and your financial situation, the funding amount might be lower than those percentages. In no case will the amount of the loan be greater than your personal investment. Your Valley Home Store counselor will help identify your options.

Are there income limits? Yes, the following income numbers* are the maximum amounts that a borrower can earn and still be eligible for the program.
1 person 2 persons 3 persons 4 persons 5 persons 6 persons
$ 96,992 $110,848 $124,704 $138,560 $149,645 $160,730 *160 percent of Area Median Income How does a down payment loan work? Loans repaid in full within the initial 24 month period will include loan principal only. Repayments that occur thereafter will include loan principal plus a pro rata share of recognized appreciation (if any) based upon the percentage of the loan to the original purchase price. If the loan represents 2.5 percent of original purchase price, you would repay the original principal balance plus 2.5 percent of the equity gain of loan repayment. The loan will be come immediately due upon sale, transfer, refinance, or when the home is no longer your primary residence. Application for down payment assistance loans are taken at the same time an application for a mortgage loan is made. Contact a lender for details and have your lender talk to us about the process. Your lender can assist you in choosing the option that’s best for you. Down Payment Assistance Program Requirements Homebuyer Classes Completion of a homebuyer class is a requirement for individuals obtaining Down Payment Assistance. The class may be completed online. For more information contact Tori Franks at the Valley Home Store, 970-328-8775 Topics covered: home buying readiness money management establishing/maintaining good credit pros and cons of homeownership types of loans available how down payment assistance works The Valley Home Store offers free credit counseling on request. Call 328-8775 for an appointment