Housing Resources of Western Colorado Purchase Assistance Program

What is Housing Resources of Western Colorado Purchase Assistance Program?

Housing Resources of Western Colorado Purchase Assistance Program is a deferred second loan for homebuyers in Grand Junction, Colorado.

• Housing Resources of Western Colorado provides purchase assistance loans to help lower the monthly mortgage payment and cover down payment and closing costs for homebuyers in Grand Junction and western Colorado. Serves Mesa, Delta, Montrose, Ouray, San Miguel, and Gunnison counties.
• Purchase assistance for western Colorado homebuyers.
• specialized loan to reduce monthly mortgage payment.
• covers down payment and closing costs.
• serves Mesa County and surrounding areas.
• Funding comes from Nonprofit, Federal, and State.

Do you have to pay it back?

Housing Resources of Western Colorado Purchase Assistance Program 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?

Housing Resources of Western Colorado Purchase Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Housing Resources of Western Colorado Purchase Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Income at or below 80% AMI for service area counties.
• 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?

Housing Resources of Western Colorado Purchase Assistance Program can be used for Single Family, Condo, Townhouse, and Manufactured Home.

• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Housing Resources of Western Colorado Purchase Assistance Program serves buyers purchasing in Grand Junction, Colorado.

• The program targets specific areas: Western Colorado: Mesa, Delta, Montrose, Ouray, San Miguel, Gunnison counties.

How do you apply?

Applications for Housing Resources of Western Colorado Purchase 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 HUD-approved homebuyer education required; HRWCO classes available.

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.