DOWN PAYMENT ASSISTANCE

DOWN PAYMENT ASSISTANCE

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.

Household Size

2022 – 150% Area Median Income Limit

1 person$107,550
2 persons$122,850
3 persons$138,150
4 persons$153,450
5 persons$165,750
6 persons$178,050