Boulder County Down Payment Assistance

Loan Terms

• For households earning between 61-80% Area Median Income (AMI): 3% interest loan amortized over a period of 10 to 30 years depending on the amount borrowed.
• For households earning below 60% Area Median Income (AMI): Deferred loan. No monthly payments and 0% interest. The loan is repaid at due the sale or refinance of home, if there is a change of ownership, or the home is no longer the owner’s primary residence.

Application Process

The application process for the Boulder County Down Payment Assistance Program is a two-part process. The first part determines the eligibility of the homebuyer. The second part determines whether the home is eligible to be purchased with the use of funds from the Program.

Homebuyers who are interested in using the Program must be determined eligible prior to signing a purchase contract. Due to federal regulations that the Program operates under, there are requirements that must be met prior to a homebuyer entering into a purchase contract.

Even if you are determined eligible and find a home that you like, that home may not be eligible to be purchased using the Boulder County/Longmont Down Payment Assistance Program.

Please read the below requirements to learn both your requirements and property requirements for the Program.

If you have questions, please email hci@longmontcolorado.gov or call 303-774-4648.

Homebuyer Requirements

• Gross (before taxes) household income must be at or below 80% area median income for Boulder County (see Income and Asset Limits page). Household size includes everyone who will be living in the home. Household income will include all income regardless of who may be listed on the title and/or mortgage.
• Meet asset requirements
• Be a first-time home buyer (have not owned a home for the past three years). Exceptions are made for those who have been divorced within the past 3 years.
• Complete a Home Ownership Training Course The course must be completed before final eligibility for the Program will be determined. Course certificates are valid for 12 months from the date of the class and a certificate must be valid at the time an application is submitted.
• Qualify for a first mortgage large enough to afford the property (co-borrowers permitted). The City does not accept subprime, interest-only or adjustable-rate mortgages.
• Total combined housing debt (first mortgage and all subordinate financing) may not be more than 100% of the value of the property at the time of closing. This may require the homebuyer to contribute more than the minimum required contribution (see below).
• Meet with the Housing Counselor for a one-on-one budget session
• Contribute a minimum of $2,000, or 1% of purchase price (whichever is greater) of own funds (lenders and/or developments may require more). Households with liquid assets above $25,000 may be required to contribute a larger portion of their assets to the purchase transaction.
• Occupy dwelling unit being purchased as sole residence and not own other habitable property.
• All household members must document lawful residency and provide an approved form of identification.
• Copies of Social Security cards for all household members over the age of six (6) must be submitted before to closing.

Property Requirements

• The home must be in Boulder County, outside the City of Boulder limits.
• The home must be purchased as the sole residence of the homebuyer and the homebuyer may not own any other habitable property.
• Purchase price and/or appraised value may not exceed $489,000 for existing homes and $489,000 for newly constructed homes.
• The home must be owner-occupied or vacant at the time the purchase contract is signed. The Program may not be used to purchase a home that will displace any tenants. Homebuyers may purchase the home that they are renting.
• Homes must pass a third party inspection. Any health and safety concerns and/or code violations, as determined by the City, must be fixed and documentation provided to the City prior to closing, review the Property Inspection Requirements [PDF] for more details. Once an applicant’s final eligibility has been determined, the City will schedule an inspection.
• Homes built before 1978 must have a Visual Lead Based Paint Assessment completed prior to closing. If there is any chipped, pealing, flaking or otherwise deteriorating paint, it must be tested for lead based paint, and if necessary, abated prior to closing.
• Homes located in the 100-year or the 500-year flood plain are ineligible for the Program.

Boulder County Common Application Packet

This packet may be used to apply for Boulder County Down Payment Assistance Program, and any and all housing programs including the City of Longmont Affordable Housing Programs, City of Boulder, and Thistle Community Housing.

• Boulder County Common Application Packet (English Language PDF)
• Paquete de solicitud común del condado de Boulder (Spanish Language PDF)

Please download the application, complete all forms, include all required documentation, and submit it along with the application fee to:

City of Longmont CDBG Office
350 Kimbark St.
Longmont, CO 80501

Incomplete applications cannot be fully processed and will delay determining your eligibility for the program.

Equal Opportunity: In accordance with the provisions of the Equal Opportunity Act, there will be no
discrimination against an applicant for these benefits on the basis of age, source of income, sex, race, marital status, sexual orientation, national origin, religion, or handicap.

Reasonable Accommodation: If you or a member of your household is an individual with a disability, you have the right to request reasonable accommodation for that disability. The City of Longmont is committed to assuring that each individual has an equal opportunity to the use and enjoyment of the benefits of this program. For more information, contact the Rehabilitation Program at 306-774-4648.

TTY service for those individuals with hearing and speech disabilities is available through Colorado Relay Service at 1-800-659-3656.