SLVHC Down Payment Assistance Program

What is SLVHC Down Payment Assistance Program?

SLVHC Down Payment Assistance Program is a deferred second loan for homebuyers in Multiple (Alamosa, Conejos, Costilla, Mineral, Rio Grande, Saguache) County, Colorado.

• The San Luis Valley Housing Coalition Down Payment Assistance Program (general track) is the standard SLVHC DPA offering for income-qualified homebuyers in the six-county San Luis Valley region. Funded through Housing Development Grant (HDG) funds from the Colorado Division of Housing, the program provides a low-interest amortizing second-mortgage loan to cover down payment and closing costs on a primary-residence home purchase. Loans carry a fixed 0-2% interest rate (with broader 1-5% range cited on the SLVHC About Us page across program tiers), are amortized over 5 years or longer based on affordability, and are secured by a Deed of Trust. Buyers contribute as little as $1,000 of their own funds. Loan amounts vary up to $19,500 depending on purchase price. Monthly payments deposit into a Revolving Loan Fund. Borrowers must complete the CRHDC First Time Home Buyers class. SLVHC has expanded its DPA income limits to up to 120% AMI as of July 2025; the lower-tier income range ($79,126-$122,100) reported on DPA One reflects the prior 100% AMI eligibility tier.
• Low-interest amortizing loan (0% to 2% fixed.
• range up to 5% per About Us page) for the down payment and closing costs on a primary-residence home purchase in the San Luis Valley. Loan amount up to $19,500. Borrower contribution as low as $1,000 of buyer's own funds. Loans amortized over 5 years or longer based on affordability. Secured by Deed of Trust against the home. Monthly payments deposited into a Revolving Loan Fund.
• Funding comes from State, HDG (Colorado Division of Housing Housing Development Grant), and Revolving Loan Fund.

Do you have to pay it back?

SLVHC 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 Monthly amortizing payments per loan note, secured by Deed of Trust against the home, and balance due at sale, refinance, or transfer.
• 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?

SLVHC Down Payment Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

SLVHC Down Payment Assistance Program limits household income to 100% of the area median income, which varies by county and household size.

• DPA One profile reports income range of $79,126 (1-person, low end) to $122,100 (5-person upper limit, ~100% AMI tier). Current published SLVHC limits as of July 2025 (now extended to 120% AMI) are: 1 person $85,680; 2 persons $97,920; 3 persons $110,160; 4 persons $122,400; 5 persons $132,240. Income limits are updated annually; contact SLVHC for current figures.
• 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?

SLVHC Down Payment Assistance Program caps the purchase price as follows: Loan amount tied to purchase price of the home; SLVHC DPA loan up to $19,500 maximum.

• Eligible property types include Single-family detached, Townhome, and Condominium (warrantable, per first-mortgage overlays).
• New construction is eligible.

Where does it apply?

SLVHC Down Payment Assistance Program serves buyers purchasing in Multiple (Alamosa, Conejos, Costilla, Mineral, Rio Grande, Saguache) County, Colorado.

How do you apply?

Applications for SLVHC 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 Community Resources and Housing Development Corporation (CRHDC) — First Time Home Buyer class, free first Saturday each month (call 589-1680) or online for a fee at https://crhdc.org/.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Direct application to SLVHC; intake handled by DPA Loan Specialist (Jo Manzanares, dpa@slvhc.com), 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.