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).

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.

Yampa Valley Housing Authority Down Payment Assistance Program 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: County Resident or Employee. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Must live or work in Routt County; income limits apply; funded by Steamboat Springs and Routt County with Prop 123 funds.

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.

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.

Yampa Valley Housing Authority Down Payment Assistance Program serves homebuyers purchasing in Steamboat Springs, Colorado. The program targets specific areas: Routt County (Steamboat Springs, Hayden, Oak Creek, Yampa).

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. 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.