Affordability Program

Affordability Program is a shared-appreciation loan for homebuyers in Durango, Colorado. AFFORDABILITY is HomesFund's lower-income tier of shared-appreciation down payment assistance, targeting households at or below 80% AMI. Largest absolute and percentage assistance of any HomesFund tier because eligibility is reserved for the households with the deepest affordability gap. Often funded by CDBG pass-through from City of Durango/DOLA, plus HomesFund internal CDFI capital and Treasury CDFI awards. No monthly payment for the life of the loan; HomesFund recoups at sale/transfer/refi via shared appreciation. HomesFund's lower-income tier (<=80% AMI) of shared-appreciation down payment assistance. Largest typical assistance amounts of any HomesFund tier because lower-income households need a deeper subsidy to make payments affordable. Loan amounts $15,000-$100,000+ -- shared-appreciation 2nd with no monthly payment for the life of the loan. Funding comes from CDFI, Local Government, and Foundation.

Affordability 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. 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.

Affordability Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 620 minimum FICO. A homebuyer education course is required, through HomesFund HUD-approved Homebuyer Education (online via eHome America or in-person), plus required 1-on-1 counseling. Residency requirement: Owner-occupancy in 5-county SW Colorado service area. Citizenship or immigration status: Per 1st-mortgage AUS findings. <=80% AMI income limit. Must complete HomesFund Homebuyer Education and submit complete application; meet with HomesFund Housing Counselor. Owner-occupancy required. Asset/net-worth caps. Subject to funding availability. Some loans funded with CDBG dollars channeled through City of Durango / DOLA -- those tranches add federal HUD CDBG compliance requirements (Davis-Bacon, environmental review on certain property types).

Affordability Program limits household income to 80% of the area median income, which varies by county and household size. <=80% AMI per HUD county limits. Per Freddie Mac DPA One: $48,720 (1-person, smaller county) to $109,760 (larger-household, La Plata). For example, per City of Durango/DOLA CDBG award, a 4-person household at 80% AMI in La Plata = ~$83,120; 2-person = ~$66,450. The limit applies to total household income, not only the borrower&rsquo;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.

Affordability Program caps the purchase price at $640,000. Eligible property types include Single-family detached, townhome, warrantable condo, PUD, manufactured home with land. New construction is eligible. Manufactured homes are eligible.

Affordability Program serves homebuyers purchasing in Durango, Colorado.

Applications for Affordability Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application reviewed first-come, first-served by HomesFund underwriting; subject to fund availability. 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.