Summit Revolving Loan Fund Down Payment Assistance Loan Program

What is Summit Revolving Loan Fund Down Payment Assistance Loan Program?

Summit Revolving Loan Fund Down Payment Assistance Loan Program is a deferred second loan for homebuyers in Frisco, Colorado.

• The Summit Revolving Loan Fund (RLF) is Summit Combined Housing Authority's flagship down payment assistance product, funded by Summit County voters' 5A sales tax (originally approved in 2006 at 0.125% and increased in 2016 to 0.6%). The RLF provides a 2% interest second mortgage of up to $40,000 (raised from $25,000) with no monthly payments — repaid in full upon sale, refinance, transfer, or loss of owner-occupancy. Available to Summit County workforce buyers between roughly 76% and 160% AMI, with a minimum 620 credit score. Funds may be used for both deed-restricted and free-market purchases and, for deed-restricted owners, HOA dues or unexpected-expense fees.
• Up to $40,000 from the Summit Revolving Loan Fund as a 2% interest, no-monthly-payment second-mortgage style DPA. Loan principal and interest are due upon sale, refinance, transfer, or loss of owner-occupancy. Funds may be applied to down payment, closing costs, and (for deed-restricted units) HOA assessments and unexpected-expense fees.
• Funding comes from Local Government (Summit County 5A sales tax).

Do you have to pay it back?

Summit Revolving Loan Fund Down Payment Assistance Loan 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, transfer, refinance, or loss of owner-occupancy (deferred until then).
• 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?

Summit Revolving Loan Fund Down Payment Assistance Loan Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Summit Revolving Loan Fund Down Payment Assistance Loan Program limits household income to 160% of the area median income, which varies by county and household size.

• Eligible household income approximately 76% AMI to 160% AMI for Summit County, scaled by household size — sample 4-person range $64,100 - $136,160.
• 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?

Summit Revolving Loan Fund Down Payment Assistance Loan Program caps the purchase price as follows: No published maximum purchase price; SCHA reviews on a case-by-case basis subject to deed-restriction price caps where applicable.

• Eligible property types include Single-family detached, Townhome, and Condominium.
• New construction is eligible.

Where does it apply?

Summit Revolving Loan Fund Down Payment Assistance Loan Program serves buyers purchasing in Frisco, Colorado.

How do you apply?

Applications for Summit Revolving Loan Fund Down Payment Assistance Loan 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 Summit Combined Housing Authority; eHomeAmerica (online).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application via Summit Combined Housing Authority (summithousing.us/lending), 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.