Downpayment Partner Available!

The Douglas County Housing Partnership (DCHP) has a great program called the “Shared Equity Agreement Program.”  This program gives home buyers an equity “partner” in their home purchase.  This Program would be a great addition if you have little money and are looking to buy FSBO, or for sale by owner!

The biggest requirement is that to qualify, the buyer must work and purchase in Douglas County. Visit the DCHP website for more information.

Here is an overview of the program, from the DCHP:

What is It?

Opportunity for homeownership in Douglas County through use of “Shared Equity” with the Housing Partnership. DCHP will provide funds in the form of down payment and will provide the minimum amount necessary to bridge lender requirements and resources available to the buyer up to 20% of the purchase price or $50,000 whichever is smaller.

This down payment will be a deferred loan which must be repaid upon sale or refinance of the home, along with the same percentage share (of down payment amount) of any appreciation in the market value.

Who is Eligible?

		First-Time Homebuyers including persons that have not owned a home in the previous 3 years, single parents that have owned prior with a spouse, and displaced homemakers.
		People who work within the limits of Douglas County.
		Income limits are in two categories, below 80% of Area Median Income and below 100% Area Median Income.
		AREA MEDIAN INCOME 80% 100% 80% 100% 1 person $40,200 $50,250 4 person $57,450 $71,800 2 person $45,950 $57,450 5 person $62,050 $77,550 3 person $51,700 $64,600 6 person $66,650 $83,300
		Borrowers under 80% AMI must contribute at least $1,000 towards the purchase.
		Borrowers above 80% AMI must contribute at least 3% of the purchase price.
		Borrower must occupy the home full time as their primary residence.

What Homes are Eligible?

Single Family Homes under $250,000 and town homes/condos under $225,000.
DCHP will review applications and consider physical location, condition, availability to transportation and schools, and resale marketability.

Home inspections will be required and reviewed by DCHP. Housing Quality Standards inspection will be performed by DCHP. Appraisals are required and buyer will sign authorization for lender to share appraisal with DCHP.

What Kind of Documents are Involved?

		Deed of Trust
		Promissory Note
		How money is paid back, example:
		Sales Price Homeowner DCHP Equity Original Purchase Price $200,000 $160,000 $40,000 Value at Time of Sale $240,000 $192,000 $48,000

What Do I Need to Get Started?

		Take a class
		To obtain all required Shared Equite Programs documents, please call Travis Anderson, Program Director, at 303-784-7857.