Fort Lewis College (FLC) Employee Mortgage Assistance Program

What is Fort Lewis College (FLC) Employee Mortgage Assistance Program?

Fort Lewis College (FLC) Employee Mortgage Assistance Program is a shared-appreciation loan for homebuyers in Durango, Colorado.

• Fort Lewis College Employee Mortgage Assistance Program is an employer-sponsored DPA jointly delivered by HomesFund and FLC to help recruit and retain college staff/faculty in expensive SW Colorado housing markets. Up to $70,000 or 20% of purchase price (lesser amount) in shared-appreciation 2nd-mortgage DPA. Higher income limit (150% AMI) reflects FLC's pay scales and Durango housing costs. No monthly payment for life of loan.
• Up to $70,000 OR 20% of purchase price (whichever is less) of shared-appreciation DPA for full-time/permanent Fort Lewis College employees with 1+ year of service. Higher income limit (up to 150% AMI) than HomesFund's traditional tiers. Lower-income FLC borrowers may stack the FLC program with traditional HomesFund tiers (up to ~$125K total assistance).
• Funding comes from CDFI, Foundation, and Local Government.

How much assistance does it provide?

Fort Lewis College (FLC) Employee Mortgage Assistance Program provides assistance worth 20% of the purchase price, as set by the program.

• Buyer contribution: No HomesFund minimum.
• 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?

Fort Lewis College (FLC) Employee Mortgage Assistance Program is a shared-appreciation loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Sale, transfer, cash-out refi, loss of owner-occupancy, or 30-year maturity. (Termination of FLC employment does NOT trigger repayment per published guidelines, but verify with HomesFund.).
• The assistance is recorded in 2nd position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Fort Lewis College (FLC) Employee Mortgage Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Fort Lewis College (FLC) Employee Mortgage Assistance Program limits household income to 150% of the area median income, which varies by county and household size.

• Up to 150% AMI. Per Freddie Mac DPA One: $109,200 to $205,800 (household-size and county dependent). FLC HR confirms income documentation.
• 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?

Fort Lewis College (FLC) Employee Mortgage Assistance Program caps the purchase price at $640,000.

• Eligible property types include SFR, townhome, condo, PUD, manufactured w/ land.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Fort Lewis College (FLC) Employee Mortgage Assistance Program names educators among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Fort Lewis College (FLC) Employee Mortgage Assistance Program serves buyers purchasing in Durango, Colorado.

How do you apply?

Applications for Fort Lewis College (FLC) Employee Mortgage 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 REQUIRES IN-PERSON Homebuyer Education through HomesFund; 1-on-1 counselor session also required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application via HomesFund + FLC HR eligibility letter; subject to fund availability, 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.