Down Payment Assistance
The First Step
Owning your home no longer has to be a dream! With the Down Payment Assistance Program, qualified low to moderate income home buyers can get a low-interest loan for the down payment of 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 that community members may live in safe, affordable homes and can still afford to live.
Your loan 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.
To qualify for the Down Payment Assistance Program you must:
-live in the home as your primary residence
-meet the required income guidelines
-have permanent financing through a lending institution
-take "first time home buyers" class-589-1680.
We currently are not funding FHA loans. Please check back as we hope to do so in the future.
INTEREST RATE- 1-5% fixed interest.
LOAN TERM - Based on affordability, loans may be amortized up to ten years.
LOAN AMOUNT - Will vary depending on purchase price of home up to $12,000.
For many home buyers added help is necessary. The SLVHC can offer you that added help!
PROGRAM INCOME GUIDELINES
HOUSEHOLD SIZE ANNUAL INCOME
1 PERSON $37,700
2 PERSONS $43,100
3 PERSONS $48,480
4 PERSONS $53,840
5 PERSONS $58,160
Mineral County has different incomes so please call. Incomes changes annually so please call our office to determine if you qualify.