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).

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.

City of Longmont Down Payment Assistance Program 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 HUD-approved homebuyer education required. Residency requirement: City Resident. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Purchase within City of Longmont; income at or below 80% AMI; Prop 123-funded program.

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.

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.

City of Longmont Down Payment Assistance Program serves homebuyers purchasing in Longmont, Colorado. The program targets specific areas: City of Longmont, Boulder County.

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. 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.