City of Durango Down Payment Assistance

What is City of Durango Down Payment Assistance?

City of Durango Down Payment Assistance is a deferred second loan for homebuyers in Durango, Colorado.

• City of Durango provides deferred-payment DPA to first-time homebuyers in Durango city limits. Coordinates with HomesFund programs for additional layering. Focus on keeping local workforce housed in the city.
• City of Durango DPA for local workers.
• deferred repayment.
• coordinates with HomesFund.
• downtown area focus.
• Funding comes from Local Government.

Do you have to pay it back?

City of Durango 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.

Who qualifies?

City of Durango Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

City of Durango Down Payment Assistance limits household income to 80% of the area median income, which varies by county and household size.

• Income at or below 80% AMI; La Plata County.
• 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?

City of Durango Down Payment Assistance can be used for Single Family, Condo, and Townhouse.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

City of Durango Down Payment Assistance serves buyers purchasing in Durango, Colorado.

• The program targets specific areas: City of Durango, La Plata County.

How do you apply?

Applications for City of Durango Down Payment Assistance 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 HUD-approved homebuyer education required.

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.