AFFORDABILITY Program

What is AFFORDABILITY Program?

AFFORDABILITY Program is a deferred second loan for homebuyers in La Plata|Archuleta|Montezuma|San Juan|Dolores|Hinsdale|Mineral|San Miguel County, Colorado.

• HomesFund's AFFORDABILITY Program provides down payment assistance to lower-income first-time homebuyers (at or below 80% AMI) in southwest Colorado. Deferred-payment loan with no monthly DPA payments. Helps close the affordability gap in high-cost mountain communities.
• Down payment assistance for lower-income buyers in SW Colorado.
• deferred repayment.
• income-targeted to below 80% AMI households.
• no monthly DPA payments.
• Funding comes from Nonprofit, Federal, and State.

Do you have to pay it back?

AFFORDABILITY Program 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?

AFFORDABILITY Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

AFFORDABILITY Program limits household income to $109,760.

• 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?

AFFORDABILITY Program 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?

AFFORDABILITY Program serves buyers purchasing in La Plata|Archuleta|Montezuma|San Juan|Dolores|Hinsdale|Mineral|San Miguel County, Colorado.

• The program targets specific areas: Southwest Colorado counties served by HomesFund.

How do you apply?

Applications for AFFORDABILITY 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 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.