Eagle County increases maximum down payment assistance loan amount
August 17, 2014
EAGLE COUNTY — Prospective homebuyers may qualify for more assistance from Eagle County's Down Payment Assistance Program, thanks to an increase in the maximum loan amount. Loans of up to $15,000 are now available through the program. Previously, the amount was 2.5 or 3.5 percent of the purchase price, depending on the home.
"DPA loans of up to $15,000 will help Eagle County homebuyers bridge the final financial gap many encounter when trying to purchase a home," said Nick Brinkman, senior vice president at FirstBank and Home Buyer's Assistance Committee member, the volunteer board that advises Eagle County on its DPA programs.
Must Meet Qualifications
Eagle County down payment assistance loans are designed to complement most first mortgage products and are recorded subordinate to first mortgages. Borrowers must meet all qualifications required by their first mortgage lenders, as well as agree to live and work in Eagle County and maintain the home as their sole and primary residence while the down payment assistance loan is outstanding.
Down payment assistance borrowers must also contribute cash at closing equal to at least 50 percent of the loan amount. For example, to qualify for a $15,000 loan the borrower must contribute $7,500.
The timing of the loan increase coincides with current relatively low home prices and interest rates.
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