Down Payment Assistance
Down Payment Assistance Program
Owning your home no longer has to be a dream! With two Down Payment Assistance Programs (DPA), income qualified home buyers can get a low-interest loan for the down payment on their home. These loans cover the down payment and closing costs and come with a minimal interest rate. The San Luis Valley Housing Coalition offers these loans so community members may live in safe, decent, affordable homes and still afford to live life.
Your loan through this program will be secured by a Deed of Trust against your home. The monthly payments you make are deposited into a Revolving Loan fund so that others may benefit from the program as well.
Our DPA programs now offer higher income limits, helping households up to 100% Area Median Income (AMI)!!
PROGRAM INCOME GUIDELINES
HOUSEHOLD SIZE ANNUAL INCOME
1 PERSON $51,500
2 PERSONS $58,800
3 PERSONS $66,200
4 PERSONS $73,500
5 PERSONS $79,900
Have more than 5 people in your household? Contact us for your income limits. Income changes annually so please call our office to determine if you qualify.
To qualify for the Down Payment Assistance Program you must meet the following:
-Live in the home as your primary residence once purchased
-Meet the required income guidelines
-Have permanent financing through a lending institution for your first mortgage
-Take the "First Time Home Buyers" class with CRHDC
These classes are typically offered the first Saturday of each month for free by calling 589-1680 or online for a fee at https://crhdc.org/
INTEREST RATE- Fixed low interest rates (0%-2%)
LOAN TERM - Based on affordability, loans will be amortized for 5 years or longer
LOAN AMOUNT - Will vary depending on purchase price of home up to $15,500
LOAN PURPOSE - Help with down payment and closing costs required by first mortgage