The Vail Board of Realtors and the Vail Multi-List Service recently contributed $75,000 to the Eagle County Loan Fund – a down payment assistance program that supports local labor in buying homes.
A migration to mountain communities, including Eagle County, has strained stocks and pushed home prices to record highs. Rising home prices prompted Eagle County commissioners to approve revisions to loan fund benefits. Qualified borrowers can receive a loan of up to 5% of the purchase price of a home.
“Loans like the (loan fund) give buyers more options as prices continue to rise,” said Meghan Scallen of the Eagle County Housing and Development Authority. “With a larger down payment, buyers can buy homes at a higher price. This will also help reduce their monthly mortgage payment. »
In support of its “Bold Housing Moves” initiative, the County Housing Authority approached the Vail Board of Realtors with funding requirements for the loan fund program.
“Because of our resort-based community, it’s very difficult to buy a home fairly,” said Vail Board of Realtors Chairman Alex Griffin. “Members (of the Vail Board of Realtors) want to help locals find what they need. Supporting this fund provides our members with an important opportunity to reinvest in this community. »
The Eagle County Loan Fund is one of many installment assistance programs available to Eagle County residents. Eligible applicants can apply through their mortgage lender.
In addition to providing advice on loan funds, the Eagle County Housing and Development Authority is a resource for local deed properties. Licensed real estate agents with The store of the house of the valley working with residents in the purchase and resale of restricted deed homes.