100+ ADVANTAGE LOAN

100+ ADVANTAGE LOAN is a deferred second loan for homebuyers in La Plata|Archuleta|Montezuma|San Juan|Dolores|Hinsdale|Mineral|San Miguel County, Colorado. HomesFund's 100+ Advantage Loan provides down payment and closing cost assistance to households earning at or above 100% AMI in southwest Colorado. Fills a critical gap for moderate-income workers priced out of the local market. Deferred repayment; no monthly DPA payments. Down payment and closing cost assistance for 100%+ AMI households. fills gap for moderate-income buyers priced out in southwest CO. deferred repayment. no monthly DPA payments. Funding comes from Nonprofit and State.

100+ ADVANTAGE LOAN is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, Refinance, and Maturity Date. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

100+ ADVANTAGE LOAN is open to homebuyers who will live in the home as their primary residence. The program lists a minimum credit score of 620. A homebuyer education course is required, through HomesFund homebuyer education required; HUD-approved. Residency requirement: State Resident. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Household income at or above 100% AMI; targets moderate-income workforce in high-cost SW Colorado mountain communities.

100+ ADVANTAGE LOAN limits household income to $164,640. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

100+ ADVANTAGE LOAN caps the purchase price at $640,000. Eligible property types include Single Family, Condo, Townhouse, and Manufactured Home. New construction is eligible. Manufactured homes are eligible.

100+ ADVANTAGE LOAN serves homebuyers purchasing in La Plata|Archuleta|Montezuma|San Juan|Dolores|Hinsdale|Mineral|San Miguel County, Colorado. The program targets specific areas: Southwest Colorado: La Plata, Archuleta, Montezuma, San Juan, Dolores counties.

Applications for 100+ ADVANTAGE LOAN go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-Come-First-Served. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.