MIMAP Moderate Income Mortgage Assistance Program

What is MIMAP Moderate Income Mortgage Assistance Program?

MIMAP Moderate Income Mortgage Assistance Program is a shared-appreciation loan for homebuyers in Durango, Colorado.

• MIMAP is HomesFund's umbrella moderate-income tier of shared-appreciation DPA, typically 80%-100% AMI households. Funded by HomesFund's blended CDFI capital pool (Treasury CDFI Fund awards, foundation PRIs, individual lenders, AHIF allocations). Acts as the catch-all middle-income tier between AFFORDABILITY (<=80% AMI) and 100+ ADVANTAGE (>100% AMI).
• MIMAP (Moderate Income Mortgage Assistance Program) is the broader middle-income tier (typically 80%-100% AMI) of HomesFund's shared-appreciation DPA. Loan amounts $15,000-$100,000+. Same deferred shared-appreciation 2nd-mortgage structure: no monthly payment for life of loan, repaid at sale/refi/transfer or 30-year maturity with pro-rata share of appreciation.
• Funding comes from CDFI, Foundation, and Local Government.

Do you have to pay it back?

MIMAP Moderate Income Mortgage Assistance Program is a shared-appreciation loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Sale, transfer, cash-out refi, loss of owner-occupancy, or 30-year maturity.
• The assistance is recorded in 2nd position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

MIMAP Moderate Income Mortgage Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

MIMAP Moderate Income Mortgage Assistance Program limits household income to 100% of the area median income, which varies by county and household size.

• Approximately 80%-120% AMI moderate-income band. Per Freddie Mac DPA One: $48,720 (1-person, smaller county) to $137,200 (large-household, La Plata).
• The limit applies to total household income, not only the borrower&rsquo;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?

MIMAP Moderate Income Mortgage Assistance Program caps the purchase price at $640,000.

• Eligible property types include SFR, townhome, condo, PUD, manufactured w/ land.
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

MIMAP Moderate Income Mortgage Assistance Program serves buyers purchasing in Durango, Colorado.

How do you apply?

Applications for MIMAP Moderate Income Mortgage 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 HomesFund HUD-approved Homebuyer Education + 1-on-1 counseling..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through HomesFund underwriting; 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.