CARHOF awards SHA $17,000 for local down-payment assistance | SummitDaily.com
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CARHOF awards SHA $17,000 for local down-payment assistance

The Summit Housing Authority (SHA) has announced that the Regional Colorado Association of Realtors Housing Opportunity Foundation (CARHOF) has awarded a total of $17,000 to SHA in funding for the Down Payment Assistance Loan Program. The loan will be in the form of a second mortgage with a maximum assistance of $3,000 that will be used to help with down payment and closing costs.

CARHOF funds are derived from interest earned from money put down on a contract for real estate. The money could help many employed Summit County residents with a good job history and good credit who haven’t been able to save the funds needed for a down payment because of the high cost of living in Summit County.

The terms of the loans are as follows:

Loan recipients must work in Summit County and purchase a home in Summit County.

Maximum loan amount is $3,000

Household assets cannot exceed $10,000 (assets under this limit do not include clothing, furnishings, autos or retirement accounts.)

Interest rate is a fixed 3 percent

Principal plus 3 percent interest is due five years from issuance or when the home is sold or refinanced.

Loan recipients must enroll in Summit Housing Authority’s approved housing counseling course.

Maximum annual income levels cannot exceed 100 percent of Area Median Income (AMI).


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