Yampa Valley Housing Authority Down Payment Assistance Program

What is Yampa Valley Housing Authority Down Payment Assistance Program?

Yampa Valley Housing Authority Down Payment Assistance Program is a deferred second loan for homebuyers in Steamboat Springs, Colorado.

• Yampa Valley Housing Authority provides deferred-payment DPA to local workers and residents in Routt County (Steamboat Springs area). Co-funded by City of Steamboat Springs, Routt County, and Proposition 123. Targets workforce in Colorado's high-cost ski resort community.
• DPA for Routt County workforce.
• funded by City of Steamboat Springs and Routt County.
• assists local residents in high-cost ski resort community.
• Prop 123-funded.
• deferred repayment.
• Funding comes from Local Government and State (Prop 123).

How much assistance does it provide?

Yampa Valley Housing Authority Down Payment Assistance Program provides assistance worth 10% of the purchase price, as set by the program.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Yampa Valley Housing Authority 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 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?

Yampa Valley Housing Authority Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Yampa Valley Housing Authority Down Payment Assistance Program limits household income to 150% of the area median income, which varies by county and household size.

• Income up to 150% AMI for Routt County; high-cost ski resort community.
• 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?

Yampa Valley Housing Authority Down Payment Assistance Program can be used for Single Family, Condo, and Townhouse.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Yampa Valley Housing Authority Down Payment Assistance Program serves buyers purchasing in Steamboat Springs, Colorado.

• The program targets specific areas: Routt County (Steamboat Springs, Hayden, Oak Creek, Yampa).

How do you apply?

Applications for Yampa Valley Housing Authority 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 HUD-approved homebuyer education required.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through 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.