100+ ADVANTAGE LOAN

What is 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.

Do you have to pay it back?

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.

Who qualifies?

100+ ADVANTAGE LOAN is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

100+ ADVANTAGE LOAN serves buyers 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.

How do you apply?

Applications for 100+ ADVANTAGE LOAN go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HomesFund homebuyer education required; HUD-approved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.