Down Payment Assistance Program

Down Payment Assistance Program is a deferred second loan for homebuyers in Statewide, Colorado. Garfield County Housing Authority's interest-free deferred-payment Down Payment Assistance loan for low-to-moderate-income (80%-120% AMI) Garfield County workforce buyers. Loan funds up to 3% of purchase price (capped at $15,000) and may be used for down payment and closing costs. Repayment is deferred until sale, refinance, transfer, or loss of owner-occupancy. Funded primarily by Garfield County and revolving DPA loan repayments; layers with CHFA, CHAC, and the local Garfield County Community Housing Program deed-restricted inventory. Interest-free down payment assistance loan equal to up to 3% of purchase price (capped at $15,000). Funds may be used for down payment and closing costs. No monthly payments — loan is deferred and repaid upon sale, refinance, transfer, or loss of owner-occupancy. Funding comes from Local Government and Revolving Loan Repayments.

Down Payment Assistance Program provides assistance worth 3% of the purchase price, as set by the program. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

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, transfer, refinance, or loss of owner-occupancy. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

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. On credit, the program states: Per first-mortgage underwriting; GCHA does not publish a separate minimum. A homebuyer education course is required, through Garfield County Housing Authority. Residency requirement: Property must be in Garfield County (or unincorporated Eagle County within the Roaring Fork Valley per GCHA service area) and owner-occupied as primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen (per first-mortgage requirements). Household income between approximately Category 1 (80% AMI) and Category 4 (120% AMI) per the Garfield County Community Housing Guidelines (4-person example $55,550 - $124,950 per LendSquawk seed data). First-time homebuyer (no ownership in past 3 years) preferred. Property must be a primary residence located in Garfield County or in unincorporated Eagle County within the Roaring Fork Valley (per GCHA service area). Mandatory homebuyer education with GCHA. Loan is interest-free and deferred until sale, refinance, transfer, or loss of owner-occupancy. The Housing Authority issued $77,400 in new DPA loans in 2024 — funding is finite and works first-come/first-served.

Down Payment Assistance Program limits household income to 120% of the area median income, which varies by county and household size. Eligible household income approximately 80% AMI (Category 1) to 120% AMI (Category 4) per Garfield County Community Housing Program guidelines, scaled by household size — sample seed range $55,550 (1-person) to $124,950 (8-person). 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.

Down Payment Assistance Program caps the purchase price as follows: No published maximum purchase price; price effectively limited by Garfield County Community Housing price tiers and AMI qualifying ratios. Eligible property types include Single-family detached, Townhome, and Condominium. New construction is eligible.

Down Payment Assistance Program serves homebuyers purchasing in Statewide, Colorado.

Applications for 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 Application via Garfield County Housing Authority (Rifle office). 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.