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ECLF Down Payment Assistance Program (Amortized Loan)

Statewide, Colorado

Last verified
See what you qualify forOfficial program site →
Assistance

$42,500

The maximum the program publishes — not an offer

Price cap

$850,000

Highest purchase price the program allows

Repayment

Grant

Not repaid

What is ECLF Down Payment Assistance Program (Amortized Loan)?

ECLF Down Payment Assistance Program (Amortized Loan) is a grant for homebuyers in Statewide, Colorado.

  • The ECLF Amortized Loan is the Eagle County Loan Fund's product for buyers using FHA financing. It funds up to 5% of purchase price (capped near $42,500 because the program's max purchase price is $850,000) as a 15-year amortizing 2nd mortgage at 2.5% simple interest, repaid monthly in lockstep with the first mortgage. Loans paid in full within the first 24 months receive a credit for all interest paid. ECLF is funded jointly by Eagle County and the Vail Board of Realtors and administered by The Valley Home Store; loans are originated through the Eagle County Housing & Development Authority.
  • Up to 5% of purchase price (capped near $42,500 against the $850,000 maximum) as a fully amortizing 15-year 2nd mortgage at 2.5% simple interest, used for down payment and closing costs on FHA first mortgages. Loans paid in full within the first 24 months receive a credit for all interest paid. Borrower must contribute at least 50% of the loan amount with a minimum of $3,000.
  • Funding comes from Local Government and Realtor Contribution.

How much assistance does it provide?

ECLF Down Payment Assistance Program (Amortized Loan) offers up to $42,500 in assistance.

  • Buyer contribution: Buyer must invest at least 50% of the ECLF loan amount, with a minimum of $3,000 of borrower's own funds.
  • 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.

Do you have to pay it back?

ECLF Down Payment Assistance Program (Amortized Loan) is structured as a grant, so it is not repaid.

  • Repayment is triggered by Monthly amortization over 15 years and full repayment due on 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.

Who qualifies?

ECLF Down Payment Assistance Program (Amortized Loan) is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • On credit: Per FHA first-mortgage underwriting; ECLF does not publish a separate minimum
  • A completed homebuyer education course, through The Valley Home Store; Eagle County Housing & Development Authority
  • Residency: Property must be in Eagle County and owner-occupied as primary residence
  • Citizenship or immigration status: U.S. citizen or eligible non-citizen (per FHA requirements)
  • First mortgage must be FHA. Borrower contributes at least 50% of the loan amount (minimum $3,000). Property must be owner-occupied as primary residence in Eagle County. Maximum purchase price $850,000. Pre-purchase counseling through The Valley Home Store and Eagle County Housing & Development Authority required. Loans paid off within 24 months receive a refund of all interest paid. Stackable with Good Deeds Avon and Good Deeds Vail buy-down programs on properties at or below $850,000.

The program excludes

  • Purchases above the $850,000 price cap

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

ECLF Down Payment Assistance Program (Amortized Loan) sets its income limit as follows: No published household income cap on the ECLF Amortized Loan; eligibility is driven by purchase-price cap of $850,000 and FHA first-mortgage qualifying.

  • 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?

ECLF Down Payment Assistance Program (Amortized Loan) caps the purchase price at $850,000.

  • Eligible property types include Single-family detached, Townhome, and Condominium.
  • New construction is eligible.

Where does it apply?

ECLF Down Payment Assistance Program (Amortized Loan) serves buyers purchasing in Statewide, Colorado.

How do you apply?

Applications for ECLF Down Payment Assistance Program (Amortized Loan) go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through The Valley Home Store; Eagle County Housing & Development Authority.

  2. Contact the administering agency to reserve funds

    Funds are reserved through Application via The Valley Home Store / Housing Eagle County, and are subject to availability.

  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.

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