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.

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.

100+ Advantage Loan Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 620 minimum FICO; lender overlays may apply. A homebuyer education course is required, 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. Residency requirement: Property must be borrower's primary residence and located in La Plata, Montezuma, Archuleta, Dolores, or San Juan County, CO. Citizenship or immigration status: Per first-mortgage product / AUS findings. Must complete HomesFund Homebuyer Education and submit complete application package; meet with a HomesFund Housing Counselor. Must intend property as primary residence. Borrower may not own other residential real estate at closing (concurrent closings permitted). Asset/net-worth caps apply per HomesFund underwriting. Property must be located in HomesFund's 5-county service area. Subject to fund availability.

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.

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.

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

Applications for 100+ Advantage Loan Program 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 via complete application package to HomesFund (https://homesfund.org/application/); reviewed by HomesFund underwriting/loan committee. 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.