COLORADO

Rural Development
  Single Family Housing - Direct Loans

Rural Development Home Loan Partnerships and Community Development Financial Institution

Select resources to find additional information on Single Family Housing in Colorado
 

Rural Development Single Family Housing - Direct Loan

Rural Development provides loans, with no down payment, to low and very-low income applicants in rural communities to build, purchase, or repair a home.

Purpose:  What is the Program's Goal?  To provide safe, well built, affordable homes for eligible residents in rural Colorado communities.

Program Type:  How does it work?  USDA Rural Development makes loans to home buyers.  No down payment required. 

Eligible Applicants:  Who can apply?  Very low and low income applicants who do not currently own a home and cannot get conventional financing.  Locate the income limits for the county you are interested in. 

Eligible Areas:  Unincorporated rural areas in Colorado, cities and towns with populations of 10,000 or less.  Certain areas with populations of 10,000 to 20,000 may also be eligible. 

Authorized Purposes:  What can funds be used for?  To buy, build, improve, repair, or rehabilitate homes as the applicants permanent residence.

Typical Amount of Assistance:   Up to 100% of market value or cost, whichever is less. Maximum loan amount varies by county.

Rates & Terms (rates subject to change):  Loan amortized for 33 years.  Applicant may be eligible for payment assistance (subsidy) on the loan.

Key to Success:  Applicant should have good credit and ability to repay loan.  

When to Apply: Year-round.  Government funding is on a fiscal year basis (October to September).  

Who to Contact:  Program is administered through Rural Development Local Offices.  Locate your nearest USDA-Rural Development Office.

Rural Development Mutual Self Help Housing - Direct Loan

Homeownership can be made affordable by empowering homeowners to work together building their homes as a group.  By investing their own labor, homeowners end up with a substantial amount of equity built into their home and build many skills along the way.

Purpose:  What is the Program's Goal?  To have individual homes built by a group of applicants, with construction technical assistance from a non - profit organization (Sponsor).  Upon completion of their homes, homeowners will have built up an average amount of $10,000 - $15,000 equity in their home.

Program Type:  How does it work?  USDA Rural Development makes a direct loan to home-buyers.  Homeowners must agree to work the hours necessary to complete all the homes in the group.

Eligible Applicants:  Who can apply?  Low and very low income applicants in rural areas with populations of 10,000 or less. Certain areas with populations of 10,000 to 20,000 may also be eligible.  Applicants must not already own a home and be unable to obtain conventional financing.

Eligible Areas:  Currently there are 7 locations in Colorado administering this program.  Find a location by county.   Contact a  Mutual Self Help Program Sponsor in Colorado.

Authorized Purposes:  What can funds be used for?  Loan funds are used for the purchase of the lot, construction materials, skilled labor, and landscaping.

Typical Amount of Assistance:   Applicant receives a direct loan. No down payment. 

Rates & Terms (rates subject to change):  Loan amortized for 33 years.

Key to Success:  Applicant should have good credit and ability to repay loan.

When to Apply: Year-round.  Government funding is on a fiscal year basis (October to September). 

Who to Contact:  Program is administered through Rural Development Local Offices with Mutual Self Help Program.  Locate your nearest USDA-Rural Development Office.

 

Rural Development Home Loan Partnerships and Community Development Financial Institution Partnerships

This high priority homeownership program involves working with an approved non-profit organization and leveraging loans with local lenders to purchase or build affordable housing throughout rural communities in Colorado

Purpose:  What is the Program's Goal?  To provide affordable homeownership for eligible residents in rural Colorado communities.  Rural Development mortgage funds must be leveraged with local/regional lender mortgage funds, and applications are packaged through approved non-profit organizations.

Program Type:  How does it work?  Each fiscal year non-profits submit proposals to Rural Development to establish a Rural Home Loan Partnership in their area.  Non-profit organizations that are Community Development Financial Institutions (CDFI), approved by the U.S. Treasury Department, may also submit proposals to Rural Development to establish a CDFI Partnership.  Once approved, the non-profit's role is to recruit prospective applicants for this leveraged loan program.  

For a listing of approved non-profit organizations, call (720) 544-2920

Eligible Applicants:  Who can apply?  Low and very low income applicants who do not currently own a home and cannot get conventional financing

Eligible Areas:  Unincorporated rural areas in Colorado, cities and towns with populations of 10,000 or less.  Certain areas with populations of 10,000 to 20,000 may also be eligible.

Authorized Purposes:  What can funds be used for?  To buy, build, improve, repair, or rehabilitate homes as the applicants permanent residence. 

Typical Amount of Assistance:   Up to 100% of market value or cost, whichever is less. Maximum loan amount varies by county.

Rates & Terms (rates subject to change):  Rural Development Loan amortized for 33 years.  Lender loan amortized for 30 years.  Applicant may be eligible for payment assistance (subsidy) on the Rural Development Loan.

Key to Success:  Applicant should have good credit and ability to repay loan. 

When to Apply: Year-round.  Government funding is on a fiscal year basis (October to September).  

Who to Contact:  Program is administered through Rural Development Local Offices.  Locate your nearest USDA-Rural Development Office.