First Time Homebuyer Money

In addition to the federal stimulus tax credit available through April 30, the Douglas County Housing Partnership has received $1 million dollars it must distribute by Sept. 10, 2010. What isn’t distributed by that date is returned to the federal government.

The partnership is calling this its Shared Equity Home Buying Program, which will provide qualifying homebuyers an investment of up to 20 percent of the purchase price of their homes. The investment is available to homebuyers who currently live or work in Douglas County and is a deferred loan, which must be repaid upon sale or refinance of the home. At that time, the homebuyer/borrower must return the same investment percentage to the partnership based on the current fair market value.

Who is eligible:

• First-time homebuyers, including people who have not owned a home during the past three years, single parents or “displaced homemakers” who have previously owned a home with a spouse

• Borrowers who currently live or work within the limits of Douglas County

• Those with an income of 120 percent of the Area Median Income:

1 person: $63,850 4 persons: $91,200

2 persons: $73,000 5 persons: $98,400

3 persons: $82,000 6 persons: $105,850

Which homes are eligible:

• Foreclosed properties in designated census tract block groups (use the contact information below to learn specific neighborhoods)

• Properties priced $300,000 or less

• Homes with an appraised value of at least 1 percent more than the purchase price

Qualified homebuyers will be required to:

• Have their home inspection reviewed by the housing partnership

• Attend a free Colorado Housing and Finance Authority class

• Secure a 30-year fixed-rate mortgage with a maximum 45 percent debt-to-income ratio

• Contribute $1,000 toward the purchase price

• Occupy the home as their primary residence

• Meet with the partnership for approval; pay a $100 application fee

For more information on the Shared Equity Home Buying Program, contact Travis Anderson, program manager, at 303-784-7857 or go to douglascountyhousingpartnership.org.