Affordable, Modern and Yours

Not happy with the existing housing inventory? Have you ever thought about building a brand-new home?

American West HomesOne factor causing the local housing market to be unattainable for some of our families is a lack of inventory. In keeping with our mission to provide affordable housing opportunities through financing, HomesFund is proud to launch a Low-Down Payment Mobile/Modular Construction Loan. HomesFund has partnered with local banks to create a down payment assistance program which allows families to build their brand-new dream home for as little as 6% down. This program is designed build new double-wide mobile and modular homes (no tiny homes, or single-wides), in Archuleta, La Plata, Montezuma, Dolores and San Juan Counties in Colorado. Borrowers must have a 680 FICO score, and either work full-time for a local employer, or have lived in the area for the previous 12 months. Borrowers utilizing this program will also have a 15-year affordability clause (deed restriction) placed on the property to ensure long term affordability. This means that for the first 15 years, if you sell this home, it must be resold to a family below the income limits listed in the chart below, who are purchasing as a primary residence.

Household Gross Income limits apply: please see chart below:

  • Montezuma & Dolores Counties: Up to 120% Area Median Income
  • Archuleta, La Plata & San Juan Counties: Up to 160% Area Median Income
Household Size Montezuma County Dolores County Archuleta County La Plata County San Juan County
1 Person $85,680 $86,280 $114,240 $131,680 $114,240
2 People $97,920 $98,640 $130,560 $150,400 $130,560
3 People $110,160 $111,000 $146,880 $169,280 $146,880
4 People $122,400 $123,240 $163,200 $188,000 $163,200

*For households larger than 4 people or further clarification please contact our office.

Throughout the construction phase, HomesFund staff will be in close contact with borrowers to ensure a smooth construction process, as well as preparation for the long term/permanent financing for when the project is finished and the construction loan is paid off with a traditional mortgage. HomesFund can also potentially provide down payment assistance in conjunction with the permanent 1st mortgage to ensure long term affordability to families who qualify.

Ready to Build?

Take the first step today! Contact Matt Morishige at HomesFund 970-259-1418 ext. 4

*Disclaimer: Program availability, eligibility requirements, and terms are subject to change without notice. All loans are subject to credit approval. HomesFund and TBK Bank reserve the right to modify or discontinue the program at any time. Down payment assistance and construction loans are available only to qualifying applicants who meet program guidelines, including income limits, residency requirements, and employment criteria. Additional terms, conditions, and restrictions may apply. Contact HomesFund for full program details.