100+ Advantage Loan Program

What is 100+ Advantage Loan Program?

100+ Advantage Loan Program is a shared-appreciation loan for homebuyers in Durango, Colorado.

• 100+ Advantage is HomesFund's middle-/workforce-income tier of shared-appreciation down payment assistance. Designed for households earning above 100% AMI but who are still priced out of southwest Colorado's expensive housing market (Durango median home prices routinely exceed $600K). HomesFund acts as a co-investor: provides a deferred-payment 2nd mortgage in exchange for a pro-rata share of the home's future appreciation. Repayment due at sale, transfer, cash-out refi, loss of owner-occupancy, or 30-year maturity.
• Workforce / above-100%-AMI tier of HomesFund's shared-appreciation down payment assistance loan. Up to $100,000+ (typical range $15,000-$100,000) of 2nd-mortgage assistance with NO MONTHLY PAYMENT FOR THE LIFE OF THE LOAN. Principal plus pro-rata share of home appreciation repaid at sale, cash-out refi, title transfer, loss of owner-occupancy, or 30-year maturity.
• Funding comes from CDFI, Local Government, and Foundation.

Do you have to pay it back?

100+ Advantage Loan Program is a shared-appreciation loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Sale, transfer of title, cash-out refinance, loss of owner-occupancy, or 30-year maturity -- principal plus pro-rata share of appreciation due.
• The assistance is recorded in 2nd 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 Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

100+ Advantage Loan Program limits household income to 150% of the area median income, which varies by county and household size.

• Income limits vary by household size and county within the 5-county service area. 100+ Advantage tier serves households >100% AMI up to approximately 150% AMI. Per Freddie Mac DPA One: $60,900 (1-person, smallest-county) to $164,640 (large-household, La Plata). Verify current HUD income limits with HomesFund staff.
• 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 Program caps the purchase price at $640,000.

• Eligible property types include Single-family detached, townhome, warrantable condo, PUD, manufactured home (with land, on permanent foundation).
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

100+ Advantage Loan Program serves buyers purchasing in Durango, Colorado.

How do you apply?

Applications for 100+ Advantage Loan Program 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-administered HUD-approved Homebuyer Education (online via eHome America or in-person classes scheduled through https://homesfund.org/attend-a-class/). Required 1-on-1 counseling with a HomesFund Housing Counselor..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served via complete application package to HomesFund (https://homesfund.org/application/); reviewed by HomesFund underwriting/loan committee, 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.