Telluride Foundation Down Payment Assistance Fund

Telluride Foundation Down Payment Assistance Fund is a deferred second loan for homebuyers in Telluride, Colorado. The Telluride Foundation administers the Down Payment Assistance Fund for residents and workers in the Telluride area. Provides deferred-payment DPA to help local workforce purchase homes in one of Colorado's most expensive communities. DPA for Telluride area workforce. extremely high-cost ski resort market. deferred repayment. Telluride Foundation administered. Funding comes from Nonprofit and Local Government.

Telluride Foundation Down Payment Assistance Fund 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.

Telluride Foundation Down Payment Assistance Fund 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. Must live or work in San Miguel County; income limits apply; workforce priority.

Telluride Foundation Down Payment Assistance Fund limits household income to 150% of the area median income, which varies by county and household size. Income up to 150% AMI; San Miguel County is extremely high-cost (Telluride area). 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.

Telluride Foundation Down Payment Assistance Fund caps the purchase price at $850,000. Eligible property types include Single Family, Condo, and Townhouse. New construction is eligible. Manufactured homes are not eligible.

Telluride Foundation Down Payment Assistance Fund serves homebuyers purchasing in Telluride, Colorado. The program targets specific areas: San Miguel County (Telluride, Mountain Village, Norwood).

Applications for Telluride Foundation Down Payment Assistance Fund 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.