What
is It?
Opportunity for homeownership in Douglas County through use of “Shared Equity” with the Housing Partnership. DCHP will provide an investment of up to 20% of the purchase price to first time homebuyers that currently live or work in Douglas County.
This investment will be a deferred loan which must be repaid upon sale or refinance of the home. At that time, the borrower must return the same investment percentage to DCHP based on the current fair market value.
Who is eligible?
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First-Time Homebuyers including persons that have not owned a home in the previous 3 years, single parents that have owned prior with a spouse, and displaced homemakers. |
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Borrowers who currently live or work within the limits of Douglas County. |
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Income limits are 120% of the Area Median Income (AMI): |
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| 1 person |
$63,850 |
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4 persons |
$91,200 |
| 2 persons |
$73,000 |
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5 persons |
$98,400 |
| 3 persons |
$82,000 |
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6 persons |
$105,850 |
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What
homes are eligible?
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Foreclosed properties in the designated census tract block groups
(East of I-25, South of Highway 86, North of Plum Creek, West of Highway 83, see map) |
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Maximum purchase price of $300,000 |
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The appraised value of the home must be at least 1% greater than the purchase price |
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Home inspections will be required and reviewed by DCHP |
Borrower Responsibilities
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Attend a free CHFA-approved First-Time Homebuyer Education Class |
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Secure a 30 year fixed rate mortgage with a maximum 45% debt to income ratio |
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Contribute $1,000 towards the purchase |
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Occupy the home as a primary residence |
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Meet with DCHP for approval, pay $100 application fee |
For more information on the Shared Equity Program please contact Travis Anderson, Program Manager, at 303-784-7857.
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