HomesFund Expands Downpayment Assistance Eligibility for Durango Homebuyers
I am pleased to announce that the HomesFund Board has approved opening up the City of Durango Complete Community Loans to households that are up to 125% AMI. Income limits of 125% AMI are:
1 person household: $64,219
2 person household: $73,360
3 person household: $82,500
4 person household: $91,641
5 person household: $98,985
6 person household: $106,329
Households with incomes up to 125% AMI, are now eligible for $25,000 in shared-appreciation downpayment assistance, IF they are purchasing a home within the City limits of Durango, they are currently employed within La Plata County in a permanent job working at least 32 hours per week, and they meet the other underwriting requirements.
HomesFund is opening up the Durango program to households with incomes of up to 125% AMI because the supply of housing within the City of Durango is often priced at a level that is out of reach for working families, even those with incomes up to 125% AMI.
HomesFund has assisted people throughout the Durango workforce in obtaining homeownership. Past recipients of HomesFund assistance include employees of Mercy Regional Medical Center, Fort Lewis College, the Southern Ute Tribe, La Plata County, Vantiv, and many other employers. People who have benefitted from HomesFund assistance also include ministers, bankers, engineers, cooks, nonprofit workers, school administrators, teachers, maintenance workers, construction workers, etc. With HomesFund assistance, 53 households have achieved homeownership in the City of Durango. That’s 53 members of Durango’s workforce that are gaining the stability, wealth-building, and other benefits of homeownership. We look forward to serving more Durango households with this program.
Please note that funds are limited, and that all applications are subject to review and underwriting.
We are happy to answer any questions. Please don’t hesitate to contact us if you would like more information about the HomesFund programs, or if you would like for us to come to your office to explain our downpayment assistance products in-depth.
Lisa Bloomquist Palmer
124 E. 9th Street