ECLF Equity Share Down Payment Assistance Program

What is ECLF Equity Share Down Payment Assistance Program?

ECLF Equity Share Down Payment Assistance Program is a shared-appreciation loan for homebuyers in Statewide, Colorado.

• The ECLF Equity Share product is the Eagle County Loan Fund's shared-appreciation DPA for buyers using conventional, VA, or USDA Rural Development first mortgages. ECLF funds up to 5% of purchase price (capped at the $850,000 max purchase price) as a no-monthly-payment 2nd lien. The loan is repaid at sale, refinance, transfer, end of the 30-year term, or upon loss of owner-occupancy as principal plus a proportional share of appreciation equal to the loan's percentage of original purchase price. 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 against the $850,000 maximum) as a no-monthly-payment shared-equity 2nd mortgage. Repayment is principal plus a proportionate share of appreciation equal to the loan's percentage of original purchase price (e.g., a loan equal to 3.5% of price means repaying 3.5% of the equity gain plus principal). Term 30 years or due upon sale, refinance, transfer, or loss of owner-occupancy. Loans repaid in full within the first 24 months pay only principal (no equity share).
• Funding comes from Local Government and Realtor Contribution.

How much assistance does it provide?

ECLF Equity Share Down Payment Assistance Program provides assistance worth 5% of the purchase price, as set by the program.

• Buyer contribution: Buyer must contribute at least 1% of purchase price.
• 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 Equity Share Down Payment Assistance Program is a shared-appreciation loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Sale, transfer, refinance, end of 30-year term, or loss of owner-occupancy and repaid as principal plus pro-rata share of appreciation.
• 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 Equity Share Down Payment Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

ECLF Equity Share Down Payment Assistance Program sets its income limit as follows: No published household income cap on the ECLF Equity Share Loan; eligibility is driven by the $850,000 purchase-price cap and 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 Equity Share Down Payment Assistance Program 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 Equity Share Down Payment Assistance Program serves buyers purchasing in Statewide, Colorado.

How do you apply?

Applications for ECLF Equity Share 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 The Valley Home Store; Eagle County Housing & Development Authority.

2. 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. 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.