- Repayment is due if the residence is no longer the family’s primary
residence; the 1st mortgage loan is refinanced, and money is taken
out; OR the residence is sold. - Borrower cannot get any money back at closing.
- Borrower must contribute 1% of purchase price or $1,000, whichever
is greater, of personal funds. - An application fee may be required.
- Adults in the household are required to attend the Home Buyer
Class prior to closing. - Applicants need to complete an affidavit of citizenship
used qualifying documents MUST BE INCLUDED
when you submit an application. A copy of your tax
return and current pay stubs must also be included.
LOAN PROGRAMS (please call to check fund availability)
DIVISION OF HOUSING DPA application
- 3% interest rate
- Amortized over 20 years with monthly payment
- Loan amount 8.5% of purchase price, up to $25,000
- Household income not to exceed HUD Low Income of Area Median
Income (AMI)
SUMMIT REVOLVING LOAN FUND application
- No interest for 1st two years
- 3% interest rate thereafter
- 7 year term, monthly payments after 2 years
- Loan amount up to $10,000
- Income limits 81% to 160% of Area Median Income (AMI)
For further information on the above loans, call 970-423-7041 or e-mail
joyk@summithousing.us
The following program is administered by Funding Partners for Housing
Solutions. Call 970-494-2021 or for more information go to their website
www.fundingpartners.org
CMHC Loan
- No interest first 2 years, then 5% equity share based on appreciation
of property - 15 year term, no monthly payment
- Loan amount 5% of purchase price, up to $25,000
- Income limits not to exceed 160% of Area Median Income (AMI)
LOAN PAYOFF REQUESTS
To request a Loan Payoff Amount, please send your name, property
address and the date your would like to payoff your loan.
Fax to 970-423-7045 or email ellenc@summithousing.us
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| ___________________DOWN PAYMENT ASSISTANCE___________________ |
| SUMMIT HOUSING AUTHORITY |
| USEFUL SITES |
Sale Housing
Council of Governments:
Serving Local
Governments in Eagle,
Northwest Colorado
Council of Governments:
Serving Local
Governments in Eagle,
Grand, Jackson, Pitkin and
Summit Counties
Funding Partners for
Housing Solutions
Making attainable housing
happen in Colorado
Colorado Housing and
Finance Authority (CHFA)
Financing the places
where people live and
work throughout Colorado
Council of Governments:
Serving Local
Governments in Eagle,
Northwest Colorado
Council of Governments:
Serving Local
Governments in Eagle,
Grand, Jackson, Pitkin and
Summit Counties
Funding Partners for
Housing Solutions
Making attainable housing
happen in Colorado
Colorado Housing and
Finance Authority (CHFA)
Financing the places
where people live and
work throughout Colorado