Down payment assistance available |

Down payment assistance available

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).

Contact Jennifer Bell at Summit Housing Authority for more information. She can be reached at (970) 453-3558 or by e-mail at

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