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Home Buying Process
Workforce housing is now available for purchase for qualified candidates in the San Luis Valley. Through a coordinated effort between Sawmill Meadow Village, the Town of South Fork, and the State of Colorado Dept. of Local Affairs, the combined partnership has leveraged a combination of private and grant money to construct Phase 1 of a two-phase workforce housing development designed and built to bring the possibility of homeownership to workers in the San Luis Valley to reality with a goal of offering ongoing, perpetually affordable housing to those who work here. Applications to purchase homes are open and will remain open until all homes are sold.
- Will purchase this home as their primary residence.
- Meets income and asset limitations as established by Colorado Housing and Finance Administration (Income and asset limitations for this project are established at 100% average median income level.) This is established through the qualification process.
- Submits an application to determine eligibility to the Department of Local Affairs
- Is eligible for additional opportunities to receive at least $19,000 in low interest down payment assistance if qualified and if desired.
- A partnership with the Rio Grande Community Trust, a local affordable homeownership organization, makes sure that the grant money invested in making these homes affordable to their first owners provides that same opportunity for future homebuyers through the affordability covenants (also known as the deed restrictions.)
- At closing, the Rio Grande Community Trust and the homeubyer will sign a 99-year affordability covenant that supports both teh current homebuyer and future buyers – ensuring that all can build equity while keeping homes affordable for the community.
- This “shared equity” approach brings the possibility and benefit of homeownership at below market rate prices to current AND future buyers.
South Fork Office
(719) 873-5050
suzy@teammurphyrealty.com
- Download and complete the DOWNPAYMENT ASSISTANCE/UNIFORM LOAN APPLICATION HERE. (This is a long document that can be overwhelming. The SLV Housing Coalition, Rio Grande Community Trust, and Team Murphy Realty are available to answer questions and help.)
- Submit the application to the San Luis Valley Housing Coalition at admin@slvhc.com You will be working with Dawn, Genessa, or Amada who are responsible for qualifying each applicant according to income and asset limitations for Rio Grande County. Upon qualification, you may also be eligible for downpayment assistance at a low interest rate that you are not obligated to accept. The team at the housing coalition is available to answer questions by phone – 719-587-9807. Ask for Dawn, Amada, or Genessa. The SLV Coalition is available to walk each applicant through this process.
- Once qualified, apply for a mortgage loan. Home buyers may choose their own lender. Sawmill Meadow Development works closely with the Rio Grande Community Trust who has developed partnerships with local lenders familiar with the Sawmill Meadow Village Project and who are eager to help the local workforce own their own home. To see a short list of lenders who are familiar with this project, CLICK HERE.
- Once approved for a loan, you are ready to make an offer on a home! Suzy Woodward and Dusty Hund with Team Murphy Realty are ready to work with each buyer in the contracting phase at no cost to the buyer. Dusty and Suzy are familiar with the buying process and are ready to be a resource with each buyer in the initial stages of the purchase.
