Mortgage Assistance

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.

Shared Appreciation

A shared appreciation loan requires no monthly payments.  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 net appreciation. These loans help you bridge the gap between the mortgage amount you can afford and the price of a home.  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.   Shared Appreciation loans typically range from $21,000-$75,000.

Here’s a Shared Appreciation Loan Example

Assume a homebuyer wants to purchase a $350,000 home. Working with a local lender, the homebuyer qualifies for a first mortgage in the amount of $300,000. HomesFund provides a $50,000 shared appreciation loan, which is 14% of the purchase price.

Now let’s assume the homeowner sells the house after 10 years for $450,000, earning $100,000 in appreciation. In return for initially receiving the HomesFund loan with no monthly payments, the homebuyer now pays back the original $50,000 loan plus 14% of the appreciation of the home ($14,000). The seller receives the remainder of the net appreciation ($86,000 plus equity built through principal payments on the first mortgage loan).

Building Wealth Loans

This unique product eliminates the need for costly mortgage insurance.  These loans have standard monthly payments.  However instead of paying a monthly mortgage insurance premium, your payment goes towards paying for your home.  HomesFund can provide a Building Wealth loan combined with your down payment to meet 20% of the purchase price, bringing your first mortgage down to 80% of the purchase price.  Homeowners can avoid mortgage insurance premiums that can be $150 a month or more.

Manufactured/Mobile Home in Mobile Home Park Loan Program

This program finances the purchase of manufactured/mobile homes that are located in parks. Manufactured/mobile homes in parks are an affordable homeownership option for many families, yet there are few financing options available for purchases of manufactured/mobile homes in parks. HomesFund can help with loans of $20,000-75,000 for those who qualify. Please call HomesFund at 970-259-1418 for more information.

1st Mortgage Loan Financing For Mobile Homes with Land

Under certain circumstances, some mobile homes are ineligible for traditional financing. The reasons for this can vary:

  1. The mobile home has been moved more than once
  2. Some lenders will not accept a single wide mobile home
  3. The unit is not rated for Colorado
  4. The HUD tags, serial numbers are missing
  5. Others

Homesfund has created a 1st mortgage product to finance these typically “unfinanceable” properties. Loan amounts up to $350k (subject to individual county maximum purchase price), rates are fixed for 30 years with a 30 year amortization and maturity. Minimum 5% down payment and credit score of 620+. The property must not be eligible for traditional financing, and must be affixed to the real estate and title purged. Borrowers must be income qualified below 80% area median income. Other conditions apply, please contact the office for details.

Which Program Is Right For You?

Every homeowner is unique.
The first step is to visit with a Homeownership Advisor so we can see which loan is right for you.
Download the application to get started.

For questions, or an encrypted link to securely send your documents to us, please email us at: