hey prescott.
See what you qualify for

Telluride Foundation Down Payment Assistance Fund

Telluride, Colorado

Last verified
See what you qualify forOfficial program site →
Income limit

150% AMI

Of area median income; varies by county and household size

Price cap

$850,000

Highest purchase price the program allows

Repayment

Deferred

No payments until the home is sold or refinanced

What is 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.

Do you have to pay it back?

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.

Who qualifies?

Telluride Foundation Down Payment Assistance Fund is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • A minimum 620 credit score
  • A completed homebuyer education course, through HUD-approved homebuyer education required
  • Residency: 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

The program excludes

  • Manufactured homes
  • Purchases above the $850,000 price cap
  • Households above 150% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

Telluride Foundation Down Payment Assistance Fund serves buyers purchasing in Telluride, Colorado.

  • The program targets specific areas: San Miguel County (Telluride, Mountain Village, Norwood).

How do you apply?

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.

  1. Take a homebuyer education course

    Required by the program, through HUD-approved homebuyer education required.

  2. Contact the administering agency to reserve funds

    Funds are reserved through First-Come-First-Served, and are subject to availability.

  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.

90-second match

Not sure which you qualify for?

Answer 9 questions and we'll match you to every program you can actually use — in about 90 seconds. No SSN, no credit pull.

Find my programs