Lake County Down Payment Assistance Program

Lake County Down Payment Assistance Program is a deferred second loan for homebuyers in Leadville, Colorado. Lake County Housing Authority provides DPA for first-time buyers in Leadville, Colorado's highest incorporated city. Deferred-payment loan; no monthly DPA payments. Serves a historic mining community transitioning to outdoor recreation economy. DPA for Lake County (Leadville) first-time buyers. high-altitude historic mining community. deferred repayment. Funding comes from Local Government.

Lake County Down Payment 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.

Lake County Down Payment Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. The program lists a minimum credit score of 620. A homebuyer education course is required, through HUD-approved homebuyer education required. Residency requirement: State Resident. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Purchase in Lake County; income at or below 80% AMI; first-time buyer.

Lake County Down Payment 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; Lake County (Leadville). 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.

Lake County Down Payment Assistance Program can be used for Single Family, Condo, and Townhouse. New construction is eligible. Manufactured homes are not eligible.

Lake County Down Payment Assistance Program serves homebuyers purchasing in Leadville, Colorado. The program targets specific areas: Lake County (Leadville).

Applications for Lake County Down Payment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-Come-First-Served. 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.