GCAR Homebuyer Assistance Program

GCAR Homebuyer Assistance Program is a grant for homebuyers in Crested Butte/Gunnison, Colorado. The GCAR Homebuyer Assistance Program is a private-sector affordable housing initiative adopted by the Gunnison-Crested Butte Association of REALTORS in 2023. The program is funded by GCAR REALTOR member donations from each closing, with cooperation from Gunnison County Abstract Company and Land Title Guarantee Company. The fund provides $1,000 grants to qualified first-time homebuyers who have lived in the Gunnison area for at least 12 months and are purchasing a single-family home in the GCAR service area. In its first year (2023-2024), GCAR awarded 12 grants of $1,000 each. Applications must be submitted at least 28 days prior to closing and applicants do not need to be under contract to apply. The program is administered by a GCAR Member Committee per Board of Directors guidelines. $1,000 grant per recipient toward down payment / closing costs on a single-family home in the Gunnison-Crested Butte region. Funded by REALTOR member donations from each closing plus partner contributions from Gunnison County Abstract Company and Land Title Guarantee Company. Grant applications must be submitted at least 28 days prior to closing. Buyer does not need to be under contract to apply. Funding comes from Private, Realtor Association Donations, and Title Company Partners.

GCAR Homebuyer Assistance Program is structured as a grant, so it is not repaid. Repayment is triggered by None — grant is non-repayable. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

GCAR Homebuyer Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer required; no published exceptions. On credit, the program states: Not specified by GCAR; underlying first mortgage lender requirements apply. Residency requirement: Must have lived in the Gunnison area for the past 12 months; property must be located in the GCAR service area (Gunnison County, including Crested Butte and surrounding communities). Must be a first-time homebuyer; must have lived in the Gunnison area for the past 12 months; property must be a single-family home located in the GCAR service area (Gunnison County); application must be submitted 28 days prior to closing. Applicant does NOT need to be under contract on a home to apply. Grants administered through the GCAR Homebuyer Assistance Program Committee per board guidelines.

GCAR Homebuyer Assistance Program limits household income to $141,000. 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.

GCAR Homebuyer Assistance Program caps the purchase price as follows: No published maximum purchase price; property must be a single-family home in the GCAR region. Eligible property types include Single-family home (detached). New construction is eligible.

GCAR Homebuyer Assistance Program serves homebuyers purchasing in Crested Butte/Gunnison, Colorado.

Applications for GCAR Homebuyer Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Direct application via GCAR Cognito Forms portal (linked from program page); reviewed by GCAR Homebuyer Assistance Committee. 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.