County of San Luis Valley FTHB

What is County of San Luis Valley FTHB?

County of San Luis Valley FTHB is a deferred second loan for homebuyers in Alamosa|Conejos|Costilla|Rio Grande|Mineral|Saguache County, Colorado.

• San Luis Valley Housing Coalition's First-Time Homebuyer program provides deferred-payment DPA to first-time buyers in the rural San Luis Valley region of Colorado. Covers Alamosa, Conejos, Costilla, Rio Grande, Mineral, and Saguache counties.
• First-time homebuyer DPA for San Luis Valley counties.
• assists rural Colorado buyers.
• deferred repayment.
• no monthly DPA payments.
• Funding comes from Nonprofit, Federal, and State.

Do you have to pay it back?

County of San Luis Valley FTHB 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?

County of San Luis Valley FTHB is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

County of San Luis Valley FTHB limits household income to $203,580.

• 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?

County of San Luis Valley FTHB can be used for Single Family, Condo, Townhouse, and Manufactured Home.

• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

County of San Luis Valley FTHB serves buyers purchasing in Alamosa|Conejos|Costilla|Rio Grande|Mineral|Saguache County, Colorado.

• The program targets specific areas: San Luis Valley: Alamosa, Conejos, Costilla, Rio Grande, Mineral, Saguache counties.

How do you apply?

Applications for County of San Luis Valley FTHB 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; SLVHC counseling.

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.