Down Payment Assistance

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Program Overview

In an effort to make homeownership accessible to a broader range of residents, Eagle County established the Down Payment Assistance (DPA) program back in 1998. This program remains dedicated to aiding homebuyers who reside and work within Eagle County. Below, you'll find a clear list of the guidelines for the DPA program for reference.

  • Eagle County Loan Fund (ECLF) - for homebuyers who live and work in Eagle County and will be purchasing their home with a first mortgage that is not an FHA mortgage.
  • Eagle County Loan Fund (ECLF) - for homebuyers who live and work in Eagle County and will be purchasing their home with an FHA first mortgage.
*ECLF has no income limit for purchasers of deed-restricted housing.

For more details about the DPA program, please review this step-by-step guide: How to apply for an Eagle County DPA loan. If you have additional questions, contact Eagle County's DPA program loan servicer, Impact Development Fund, or The Valley Home Store.

*To ensure timely processing, please submit your complete DPA applications to Impact Development Fund at least 14 business days prior to your scheduled closing.

Home Buyers Assistance Committee

  • Kevin Armitage, Peoples Bank
  • Cris Nelson, Guaranteed Rate
  • Laurie Slaughter, Berkshire Hathaway
  • Presley Ilieva, FirstBank
  • Carolyn Meadowcroft, Habitat For Humanity Roaring Fork
General Information
What is a Down Payment Assistance Loan?
It is a loan to be used for down payment, closing costs and prepaid expenses associated with buying a home.
Where do I start?
Usually, potential home buyers identify the property they want to buy and then contact a lender to start the financing process. It's at that point that you should make an appointment at The Valley Home Store for a personal counseling session.

Even before you start looking for a home, you can schedule a pre-home buying appointment at The Valley Home Store to learn more about our programs. One of our staff experts will help determine which program and funding amount will work for you. If you qualify for down payment assistance, The Valley Home Store will work with your lender to prepare all the necessary documents for closing.
Is down payment assistance guaranteed?
No. There are numerous factors that can affect funding. Funds come from various government and private entities. Higher demand for loan assistance can reduce or deplete the funding pool and limit the availability of new loans. Other factors taken into consideration are the cost of the property, your personal financial situation, work history and residency.
How much money could I get with a down payment assistance loan?
That will depend on the DPA program that best fits your needs. The ECLF program will lend up to 5% of the purchase price of the home, with a maximum purchase price of $850,000. ECLF borrowers are required to directly contribute a minimum of 1% of the purchase price. The CDOH program will lend up to 4.5% of the purchase price. CDOH borrowers are required to directly contribute 1% of the purchase price or $1000, whichever is greater to the transaction. Your lender and/or The Valley Home Store can help identify your options.
Are there income limits?
Yes. Please contact Impact Development Fund for the most recent data at 970-494-2021.
How does a down payment loan work?
ECLF loans repaid in full within the initial 24 month period will include loan principal only. For ECLF loans not using an FHA first mortgage, repayments that occur after the initial 24 month period will include loan principal plus a pro rata share of recognized appreciation (if any) based upon the percentage of the loan to the original purchase price. For ECLF loans using an FHA first mortgage, repayments that occur after the initial 24 month period will utilize a 2.5% interest rate.
CDOH DPA loans will utilize a 2.5% interest rate.

Application for down payment assistance loans are taken at the same time an application for a first mortgage loan is made. Contact a lender for details and have your lender talk to us about the process. Your lender can assist you in choosing the option that’s best for you.
Do I need to take a Homebuyer Class?
Yes. Completion of a homebuyer class is a requirement for individuals obtaining DPA. The class may be completed online at the MGIC website. For more information contact the Valley Home Store, 970-328-8770 or info@valleyhomestore.org.

Topics covered:

  • home buying readiness
  • money management
  • establishing/maintaining good credit
  • pros and cons of homeownership
  • types of loans available
Does Eagle County allow short sales on properties with DPA loans?
If you are considering a short sale, please review the Eagle County DPA short sale policy, then contact the Valley Home Store, 970-328-8770 or info@valleyhomestore.org.
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