Preparing to buy your first home is an exciting and significant milestone! While there may be some challenges, like saving for a down payment, navigating mortgage rates and payment, and having a budget for homeownership, HomesFund is an amazing resource in Southwest Colorado and dedicated to helping people achieve their real estate dreams and make the journey smoother and more enjoyable.


What is HomesFund?

Based in Durango, Colorado since 2008, HomesFund believes in investing in people’s long term goals through education, down payment assistance, mortgage assistance, and local knowledge. They help clients prioritize their financial needs and prepare for a home purchase. A 501(c)3 nonprofit organization, they are a certified Community Development Financial Institute and a HUD approved housing counseling agency. Funding is, in part, a collaboration between local jurisdictions and allows HomesFund to administer a variety of homeownership programs to suit clients’ individual needs. Mortgage assistance is available in La Plata County, Montezuma County, Archuleta County, San Juan County, and Dolores County, and includes towns such as Durango, Bayfield, Cortez, Dolores, Ignacio, and Mancos.


First Time Home Buying Classes

The HomesFund Homebuyer Education Class is a valuable community asset and provides a start to finish walk through of homeownership. This class is mandatory for anyone looking to use HomesFund but other lenders also send their first time buyers to them. They will guide students in budgeting, how to improve your credit score, what you’ll need to obtain a mortgage, and a breakdown of the purchase process.  Upon completion of the course, HomesFund then meets with clients to create an individual plan. Some clients qualify for lending right away, while others may need a year or two to increase their credit score and save for a down payment.  


HomesFund Programs

Shared Appreciation

This type of loan makes the buyer and HomesFund partners in the investment of the property. The benefit of this loan is there are no monthly payments for the entirety of the loan. Repayment is due in thirty years either when the loan is paid off, at the time of resale or transfer of ownership, cash out refinance, the property is no longer used as your primary residence. At this time, the original loan amount is repaid with the pro-rata appreciation share. This loan amount doesn’t cover the whole purchase price, but rather $50,000 - $125,000 (or up to 25%, whichever is less). This initial funding provides a higher down payment to keep monthly payments within the purchaser’s budget.  


Local Employer Programs

HomesFund partners with Fort Lewis College (FLC) and Purgatory Resort for dedicated programs for their employees. While the FLC program is applicable in La Plata, Montezuma, Archuleta, Dolores, and San Juan County, the Purgatory program is only available for homes in La Plata County. Applicants must be permanent full time employees with more than one year of service. For employees with a lower income, this funding can be stacked with other HomesFund options. This opportunity increases the borrowing amount to $70,000 or 17% of purchase price, whichever is less. 


Mobile/Manufactured Home Loans

Mobile and manufactured homes come with a lower price point and can be a great option for first time homebuyers. HomesFund offers up to 95% assistance if the home is located in an approved mobile home park in La Plata County. If the mobile home is also being purchased with land, the options are different as there are more variables at play. 


Overall, HomesFund is a valuable resource for homebuyers in Southwest Colorado. While it may or may not be the best option for you, reviewing all possible options can be worthwhile. Your real estate broker is a great resource and can help you get in touch and explore different mortgage options. Please don’t hesitate to contact us with any questions. 

Work With Us

The Durango Team has decades of real estate experience in the Durango, Colorado area. Let us help you buy or sell your Southwest Colorado home.

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