Aspen/Pitkin County Housing Authority Down Payment Assistance

Aspen/Pitkin County Housing Authority Down Payment Assistance is a deferred second loan for homebuyers in Aspen, Colorado. Aspen/Pitkin County Housing Authority provides DPA and deed-restricted housing to local workforce in one of Colorado's highest-cost markets. Programs designed to keep essential workers housed near Aspen. DPA for Pitkin County/Aspen workforce. very high-cost market assistance. deferred repayment. employer-assisted options. deed-restricted housing pathway. Funding comes from Local Government.

Aspen/Pitkin County Housing Authority Down Payment Assistance 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.

Aspen/Pitkin County Housing Authority Down Payment Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. The program lists a minimum credit score of 620. A homebuyer education course is required, through APCHA homebuyer education required; HUD-approved. Residency requirement: State Resident. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Must qualify for Aspen/Pitkin County workforce housing; income and employment requirements; deed-restricted units typical.

Aspen/Pitkin County Housing Authority Down Payment Assistance limits household income to 120% of the area median income, which varies by county and household size. Income up to 120% AMI; Pitkin County is extremely high-cost; workforce priority. 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.

Aspen/Pitkin County Housing Authority Down Payment Assistance caps the purchase price as follows: Ultra-high-cost market; no standard cap. Eligible property types include Single Family, Condo, and Townhouse. New construction is eligible. Manufactured homes are not eligible.

Aspen/Pitkin County Housing Authority Down Payment Assistance serves homebuyers purchasing in Aspen, Colorado. The program targets specific areas: Pitkin County (Aspen, Snowmass Village, Basalt).

Applications for Aspen/Pitkin County Housing Authority Down Payment Assistance 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. 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.