We know that when you live and work in beautiful southwest Colorado, it is hard to find a home that you can afford. HomesFund has several programs to help make your dream of homeownership more affordable.
We are happy to answer general program questions, but to answer any specific questions regarding eligibility or personal circumstances will require a review of application materials.
When you consider a shared appreciation loan, you will want to consider HomesFund as a co-investor in your property. The primary benefit of a shared appreciation loan is that there are no monthly payments, FOR THE LIFE OF THE LOAN. Repayment is due in thirty years, at the time of resale or transfer of the home, if you cash out refinance, or if the home is no longer your primary residence. At that time, the original loan amount must be repaid along with a pro-rata share of the appreciation. A shared appreciation loan does not cover the full amount needed to purchase a home. You will need to qualify and secure a first mortgage from your bank/lender. These “no monthly payment loans” help you bridge the gap between the mortgage amount you can afford and the price of a home since your only payment is the one on your primary mortgage.
Shared appreciation loan amounts are based on your household income and the county where the home is located. These loans range from $15,000 to over $100,000 depending on circumstances. (Clients can choose to borrow less than program maximums). A visit with our Housing Counselor will confirm your eligibility and potential assistance amounts.
*(Some borrowers will have other down payment assistance programs in addition to HomesFund, and these programs may require a monthly payment.)
Assume a homebuyer wants to purchase a $400,000 home. Working with a local lender, the homebuyer qualifies for a first mortgage in the amount of $300,000. HomesFund provides a $100,000 shared appreciation loan, which is 25% of the purchase price.
Now let’s assume the homeowner sells the house after 10 years for $475,000, earning $75,000 in appreciation. In return for structuring the HomesFund loan with no monthly payments OVER THE LIFE OF THE LOAN, the homebuyer now pays back the original $100,000 loan plus 25% of the appreciation of the home (Appreciation of $75,000 X 25%=$18,750). The seller receives the remainder of the net appreciation ($56,250 plus equity built through principal payments on the first mortgage loan).
In this example, the HomesFund would share in 25% appreciation (maximum financing) because we provided 25% assistance in the original purchase transaction. Remember, HomesFund is a co-investor in the property, and payments have been deferred in exchange for a share of appreciation when the note becomes due. Borrowers can elect to borrow less than the maximum amount offered.
HomesFund has unique downpayment assistance programs offered to Fort Lewis and Purgatory employees. These programs have higher income limits then our traditional assistance programs. To qualify, prospective employees need to contact the Human Resources department verifying eligibility for the program.
These programs require IN PERSON Homebuyer Education and submitting a complete appplication, and then a meeting with a HomesFund Housing Counselor. Our Housing Counselors will work with your family to ensure that you are prepared to achieve your homeownership goals.
This program allows household income up to 150% Area Median income and can provide up to a maximum of $70,000 or 20% of the purchase price (whichever is less) for down payment assistance.
Participants must be a permanent/full time employee of Fort Lewis College with at least one year of service to participate. You do not have to be a first-time homebuyer, but you cannot own any other residential property at the time of closing. (Concurrent closings of other properties allowed.) The program has other asset and net worth caps along with other criteria. Ask the Fort Lewis Housing Department or HomesFund staff for a full set of program guidelines.
Lower-income borrowers can potentially use our traditional assistance programs, along with the Fort Lewis program to obtain higher levels of assistance up to $125k. This program is offered in La Plata, Montezuma, Archuleta, Dolores, and San Juan County Colorado. Start by getting a letter of eligibility from the Fort Lewis Human Resources Department and return a completed application to the HomesFund to see if you qualify.
This program allows household income up to 150% AMI and will provide up to $70,000 or 17% of the purchase price (whichever is less) for down payment assistance. Participants must be a YR Manager, YR Employee, SS Employee or HC Employee working at least 400 hours in a season. Employees must have finished their first year of service with Purgatory, starting their second. The program has other asset and net worth caps along with other criteria. Ask the Purgatory HR Department or HomesFund staff for a full set of program guidelines.
Lower-income borrowers can potentially stack our traditional assistance programs with the Purgatory program to potentially obtain higher levels of assistance. This program is available in La Plata County only.
Under certain circumstances, some mobile homes are ineligible for traditional or second-market financing. The reasons for this can vary:
HomesFund has created a 1st mortgage product to finance these typically “unfinanceable” properties. This loan is available in La Plata, Montezuma, Archuleta, San Juan, and Dolores County, Colorado. Maximum loan amounts are subject to the individual county’s maximum purchase price. A 3% interest rate fixed for 30 years (estimated APR 3.19%) , 30-year amortization, and maturity. Cash requirement = 5% down payment plus closing costs and a credit score of 680+. The property must not be eligible for traditional financing, affixed to the real estate, and title purged. Borrowers must be income-qualified. Other conditions apply; please contact our staff for details.
| 2026 Income Limits by County | Maximum Loan Amount | |||||
| Household size | 1 | 2 | 3 | 4 | 5 | |
| La Plata | ||||||
| Income Limit 160% AMI | $128,480 | $146,880 | $165,280 | $183,520 | $198,240 | $400,000 |
| Archuleta | ||||||
| Income Limit 160% AMI | $110,240 | $125,920 | $141,600 | $157,280 | $169,920 | $400,000 |
| San Juan, CO | ||||||
| Income Limit 160% AMI | $109,120 | $124,800 | $140,320 | $155,840 | $168,320 | $400,000 |
| Montezuma | ||||||
| Income Limit 120% AMI | $81,840 | $93,600 | $105,240 | $116,880 | $126,240 | $332,500 |
| Dolores | ||||||
| Income Limit 120% AMI | $82,820 | $93,720 | $105,480 | $117,120 | $126,600 | $332,500 |
| +Higher Maximum Loan Amounts may be considered with loan committee approval | ||||||
Every homeowner is unique.
The first step is to provide a COMPLETE application to the Homesfund for review.
Download the application to get started.
For questions, or an encrypted link to securely send your documents to us, please contact us.
