City of Longmont Down Payment Assistance Program

What is City of Longmont Down Payment Assistance Program?

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

• Longmont's Prop 123-funded DPA provides up to $40,000 in deferred-payment assistance to first-time buyers purchasing within Longmont. 0% interest; no monthly payments. Administered in partnership with Boulder County Housing. Targets buyers at or below 80% AMI.
• Deferred DPA up to $40,000.
• funded by Proposition 123.
• City of Longmont residents.
• 0% interest.
• no monthly DPA payments.
• expected to serve 30+ households.
• Funding comes from Local Government and State (Prop 123).

Do you have to pay it back?

City of Longmont Down Payment Assistance 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?

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

• Income at or below 80% AMI based on Boulder County limits.
• 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 Longmont Down Payment Assistance Program caps the purchase price as follows: Must meet program guidelines.

• Eligible property types include Single Family, Condo, and Townhouse.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

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

• The program targets specific areas: City of Longmont, Boulder County.

How do you apply?

Applications for City of Longmont Down Payment Assistance 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 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.