By Hannah Flamm
HomesFund is pleased to announce a 25% increase in the income limits for its Non-Conforming Mobile/Modular Mortgage Loan Program. This significant adjustment will allow more individuals and families to qualify for mortgage financing for these unique/ hard to finance properties. Households in La Plata and Archuleta counties earning up to 100% Area Median Income can now participate in the program.
The Non-Conforming Loan Program offers a low-interest, fixed-rate mortgage designed to finance homes that may not be accepted by the conventional mortgage market due to unique property characteristics. By increasing the income eligibility limits, HomesFund is expanding access to this critical loan product, helping more households become homeowners.
In addition to the Non-Conforming Loan, HomesFund provides a range of Mortgage Assistance Programs, including:
- Down Payment Assistance (including assistance for construction loans)
- Homebuyer Education and Housing Counseling
HomesFund’s down payment assistance is structured as a second or junior mortgage — either shared appreciation or low-interest amortizing — which reduces the amount borrowed from the primary lender. This can lower overall costs and may help borrowers avoid mortgage insurance.
Pam Moore, Executive Director of the HomesFund said; “We are committed to creating pathways to homeownership and ensuring our programs reflect the real financial needs and realities of our communities.”
Income eligibility and assistance amounts vary depending on first-time homebuyer status and property/County location.
Individuals interested in learning more about eligibility requirements or beginning the application process are encouraged to contact HomesFund.
Visit our website at www.homesfund.org or email us at info@homesfund.org or call (970) 259-1418.
Hannah Flamm is Loan Processor & Home Buyer Education Administrator.