Down Payment Assistance Loan Program
The Yampa Valley Housing Authority established the Down Payment Assistance Program to help local home buyers with up to 10% of the purchase price of a home. The YVHA Down Payment Assistance Program is available to households that meet the following criteria:
- Buyer must be employed a minimum of 1650 hours annually within Routt County
- Property must be located in Routt County**
- Buyer cannot own any other property at time of closing
- Household income up to 150% Area Median Income (AMI).
- Minimum direct borrower investment of 1% purchase price
- Back end ratio (total debt) no greater than 45%
- Maximum combined loan to value of 105%
Monthly payments are not made on the loan; however, repayment of the loan principal and interest accrued, based on Wall
Street Journal Prime Rate – 2.00% as calculated at the time of application, is due after 15 years or at the sale of the unit. Impact Development Fund, a third-party underwriter administers the program on behalf of YVHA.
**In 2018, the Yampa Valley Housing Authority created a new Countywide Down Payment Assistance Loan Program. This new program does not require employment within Routt County, therefore allowing all County residents access to this program.