Down Payment Assistance

Eagle County introduced the Down Payment Assistance (DPA) Program in 1998 to make homeownership more accessible to a broader range of residents and help entry-level homebuyers overcome one of the greatest barriers to purchasing a home, insufficient funds for a down payment.

Today the program has expanded to include four funds tailored to assist residents who live and work within Eagle County. Borrowed funds can be used for down payments, closing costs, and prepaid expenses related to home purchases.

    • For homebuyers using conventional, RD, or VA mortgages.

    • Loan Contribution: Up to 5% of the purchase price, with a maximum home purchase price of $850,000.

    • Borrower Contribution: Borrowers must contribute at least 1% of the purchase price and occupy the home as their primary residence.

    • Loan Term: 30 years or due immediately upon sale, transfer, refinance, or if the home is no longer the primary residence.

    • Repayment Terms: Loans repaid in full within the first 24 months will only cover the loan principal, making them interest-free during that time.

    For full details, please review the ECLF Equity Share Down Payment Assistance Program Guidelines.

    • A down payment assistance loan specifically designed for homebuyers using FHA first mortgages.

    • Loan Contribution: Up to 5% of the purchase price, with a maximum loan amount of $42,500.

    • Borrower Contribution: Borrowers must contribute at least 50% of the total loan amount, with a minimum investment of $3,000.

    • Loan Term: 15 years, with monthly payments at a 2.5% simple interest rate.

    • Repayment Terms: Loans repaid in full within the first 24 months will receive a credit for all interest paid during that time.

    For full details, please review the ECLF Amortized Loan Down Payment Assistance Program Guidelines.

    • A down payment assistance loan specifically for homebuyers purchasing a home in Eagle Ranch.

    • Loan Contribution: Up to $10,000.

    • Borrower Contribution: Borrowers must contribute a minimum of $3,000 toward the purchase.

    • Loan Term: 15 years, with no monthly payments required.

    • Interest Rate: 2.5% simple interest, with interest accruing over the loan term.

    • Repayment Terms: The loan becomes immediately due in the form of a balloon payment of principal and accrued interest upon sale, transfer, refinance, if the home is no longer the primary residence, or upon the death of the buyer.

    For full details, please review the ERHC Deferred Payment Fixed Interest Assistance Program Guidelines.

    • A down payment assistance loan for homebuyers with a household income limit of 80% of Area Median Income (AMI).

    • Loan Contribution: Up to 4.5% of the purchase price, with a maximum loan amount of $40,000.

    • Borrower Contribution: Borrowers must contribute a minimum of 1% of the purchase price or $1,000, whichever is greater.

    • Loan Term: 30 years, with monthly payments amortized at a 2.5% simple interest rate.

    • Deferred Payments: Payments can be deferred for the first 60 months upon request and approval by the Eagle County Housing and Development Authority (ECHDA).

    • Additional Requirement: Borrowers must meet with Eagle County Housing and Development staff prior to applying.

    For full details, please review the Eagle County Division of Housing Down Payment Assistance Program Guidelines.

Program Options

How to Apply

  1. Start the Process

    • Identify the property you want to purchase.

    • Contact a lender to begin the financing process.

  2. Schedule a Counseling Session

    • All borrowers must meet with The Valley Home Store before applying for the program.

    • For more information and to schedule an appointment, contact:

    • Program Manager: Jesus Camunez

    • Email: jesus.camunez@eaglecounty.us 

    • Phone: 970-328-8700

  3. Submit Your Application

    • Applications for Down Payment Assistance loans are submitted alongside your first mortgage application.

    • Ensure your lender contacts The Valley Home Store to coordinate the process.