Larimer Home Ownership Program (LHOP) Down Payment Assistance Program

What is Larimer Home Ownership Program (LHOP) Down Payment Assistance Program?

Larimer Home Ownership Program (LHOP) Down Payment Assistance Program is a deferred second loan for homebuyers in Larimer County, Colorado.

• The Larimer Home Ownership Program (LHOP) provides deferred down payment and closing-cost assistance to first-time homebuyers throughout Larimer County, Colorado. Up to $25,000 is offered as a 0% deferred junior loan with no monthly payments, due only on sale, refinance with cash-out, transfer, or loss of owner-occupancy. LHOP partners with the Estes Park Housing Authority to deliver the program to Estes Valley applicants.
• Deferred-payment 0% second mortgage of up to $25,000 for down payment and closing-cost assistance for first-time homebuyers in Larimer County. No monthly payments.
• loan is repaid in full upon sale, refinance with cash-out, transfer, or loss of owner-occupancy.
• Funding comes from Local Government, HUD HOME, Larimer County, and Cities of Fort Collins and Loveland.

Do you have to pay it back?

Larimer Home Ownership Program (LHOP) 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 with cash-out, transfer of title, or loss of owner-occupancy.
• The assistance is recorded in 2 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Larimer Home Ownership Program (LHOP) Down Payment 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?

Larimer Home Ownership Program (LHOP) Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Household qualifying income at or below 80% of Larimer County AMI per HUD (approximately $63,600 1-person up to $119,950 8-person).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• 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?

Larimer Home Ownership Program (LHOP) Down Payment Assistance Program caps the purchase price as follows: Tied to FHA loan-limit for Larimer County or LHOP's published purchase-price ceiling.

• Eligible property types include Single-family detached, Townhome, and Condominium.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Larimer Home Ownership Program (LHOP) Down Payment Assistance Program serves buyers purchasing in Larimer County, Colorado.

How do you apply?

Applications for Larimer Home Ownership Program (LHOP) Down Payment 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 LHOP HUD-approved counseling (in-person and online) — required for all borrowers.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Direct application through LHOP after pre-approval and counseling, 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.