HBA Lenders Participating Mortgage Lenders Federal Guidelines PERSONS INCOME LIMIT 1 $41,950 2 $47,950 3 $53,950 4 $59,900 5 $64,700 6 $69,500 7 $74,300 8 $79,100 What do I do first?   Sign up for the home ownership class. You will receive information on how to be a smart buyer and use programs like Homebuyer Assistance to help you purchase your new home. The class is offered through Neighbor to Neighbor at 970-484-7498 or n2n.org Contact a participating mortgage lender and realtor of your choice and let them know you are interested in using City funds.

Homebuyer Assistance (HBA) Background The City of Fort Collins provides loans to eligible households to cover down payment assistance and closing costs up to a maximum of 6% of the sales price (5% for down payment and 1% for closing costs if there are no Seller concessions). The loan is to be paid back in full either when the house is sold, transferred out of the buyer's name, rented, or it the buyer seeks a second lien (such as a home equity loan). In addition to the full amount of the loan, the buyer must pay an additional 5% on the principal. Who is eligible? Buyers must have a household gross income meeting federal guidelines. Buyers must also have sufficient income, meaning total housing expenses will not equal more than 38% of their gross income, and total household debt must not be more than 42% of gross income. Buyers must not own or be listed on the title to any other property at time of application. There is a limit of $20,000 on buyer contributions or gift funds including earnest money without prior approval for special circumstances. What kind of house is eligible? - Condo, townhouse, single-family, or modular home on a permanent foundation (no mobile homes on rented land are eligible). - Located within the legal city limits of Fort Collins. - Have a purchase price and appraised value of less than $237,500. - If the home was occupied by a tenant any time within 90 days prior to applying for assistance, call 970-221-6595 to see if funding is available. For purchases outside the city limits of Fort Collins, contact the Larimer Home Ownership Program (lovelandhsg.org) or Funding Partners (fundingpartners.org). Additional requirements The buyer must make an earnest money deposit of $1,000 or 1% of purchase price (whichever is greater) with their own funds. This can not be in the form of a promissory note. The buyer must also attend a home ownership class (taking this class online is not allowed) prior to closing. See class info in the tan box to the left. The buyer must use the house as their principle residence for as long as the loan is outstanding, or the loan becomes immediately due and payable. The property will be inspected by City staff for general livability. Any home built before 1978 must have an inspection attesting to its safety regarding lead-based paint. Applications Applications are available only through participating mortgage lenders. Funds are limited and are committed on a first-come, first-served basis. The program year begins in November of each year and continues until all funds are committed. Download a list of our participating lenders at the top of this page. More Information If you need additional information, contact us. Home Buyer Assistance, through the City of Fort Collins, is funded through federal grants from the Department of Housing and Urban Development HOME and CDBG programs, and there is no guarantee funding will be available from year to year.