If you have not owned a home in the last three years, congratulations you are considered a first time home buyer and may qualify for some down payment programs that serve Estes Park. The Estes Valley Workforce Housing Assistance (EVWHA) down payment loan program was developed by The Estes Park Board of REALTORS® and Estes Park Housing Authority to assist working families residing in Estes Park between the 81% and 150% of the Area Median Income (AMI). This program is a low interest loan. The maximum loan amount is 3.5% of purchase price OR $10,500 with an interest rate of 2% with a 10 year term. Applicants need to invest a minimum of $3000 of their own money into the home purchase and attend a required Home Ownership class.
The second program is the Larimer Home Ownership Program (LHoP) down payment assistance program. This program is available to buyers earning 80% or less of the Area Median Income. This program is a low interest loan. The maximum loan amount is $10,000 with an interest rate of 2% with the term generally being 10 years. The housing authority also has programs in several neighborhoods that offer deed restriction homes offering soft 2nd mortgages of up to $50,000 that require no payments during the ownership. Both, EVWHA and LHoP programs can be used with ANY of the homeownership programs of the Estes Park Housing Authority, provided you qualify. If you are a first time home buyer I would love to help you reach your home ownership goals. Call me and I can get you in touch with lenders and other professionals familiar with these programs. Now is a great time to buy, rates are low and houses are affordable in our market.
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