House to Homeownership Down Payment Assistance

What is House to Homeownership Down Payment Assistance?

House to Homeownership Down Payment Assistance is a deferred second loan for homebuyers in Boulder, Colorado.

• City of Boulder program providing deferred-payment loans for down payment and closing costs to first-time homebuyers purchasing within Boulder city limits. 0% interest with no monthly payments; repayment deferred until sale, refinance, or payoff.
• Deferred-payment loan for down payment and closing costs.
• 0% interest.
• no monthly payments.
• assists low-to-moderate income buyers in City of Boulder.
• Funding comes from Local Government.

Do you have to pay it back?

House to Homeownership Down Payment Assistance 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, Refinance, and Maturity Date.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

House to Homeownership Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

House to Homeownership Down Payment Assistance limits household income to $111,600.

• 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?

House to Homeownership Down Payment Assistance caps the purchase price as follows: Varies; must meet program guidelines.

• Eligible property types include Single Family, Condo, and Townhouse.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

House to Homeownership Down Payment Assistance serves buyers purchasing in Boulder, Colorado.

• The program targets specific areas: City of Boulder only.

How do you apply?

Applications for House to Homeownership Down Payment Assistance 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 HUD-approved homebuyer education required.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, 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.