Eagle County issued the following press release on Monday on commissioners increasing loan amounts for Eagle County’s installment assistance programs:
The Eagle County Council of Commissioners recently approved an increase in loan amounts for the Eagle County down payment assistance programs. The increase is effective immediately and is part of the âBold Solutionsâ initiative launched by the Eagle County Housing team in response to current local housing challenges.
A cash contribution of $ 300,000 to the Eagle County Loan Fund (ECLF) will strengthen the existing revolving fund to provide additional loans to qualified borrowers. Eligible borrowers can now benefit from a down payment assistance loan of up to 5% of the purchase price. The maximum sale price for buying an assisted home was recently increased to $ 750,000, allowing borrowers up to $ 37,500. The buyer’s contribution will be 1% of the purchase price or 50% of the DPA loan amount, whichever is less.
To be eligible for down payment assistance through ECLF, borrowers must earn 75% of their income and work at least 30 hours per week for a business located in Eagle County.
Qualified borrowers can apply for ECLF down payment assistance through their mortgage lender. ECLF loans have a term of 15 years and are usually repaid in full when the borrower sells. Loans repaid in full during the initial 24 month period will include only the principal amount of the loan. Repayments made thereafter will include the principal of the loan plus a share of appreciation (if any) based on the percentage of the ECLF loan over the original purchase price. For example, if an ECLF loan is 3.5% of the original purchase price, the borrower will repay the original principal balance plus 3.5% of the appreciation when the loan is repaid.
Eagle County expanded its Eagle County Loan Fund Down Payment Assistance Program in 1998 with the goal of bringing the benefits of homeownership to as many residents as possible. Since its inception, the program has provided borrowers with assistance of over $ 8 million, facilitating more than 660 loans to qualified borrowers in Eagle County.
Housing Eagle County will continue to deploy other “Bold Solutions” over the coming months to help local residents find long-term housing and alleviate labor shortages in partnership with The Valley Home Store. More information can be found at www.housingeaglecounty.com
For more information, contact Meghan Scallen at (970) 328-8778 or [email protected]