Site search
sponsored by
Home
News
A family of four with an annual income under $45,750 could possibly qualify for a program that allows a person to buy a home, no money down.
A single person could earn as much as $32,050.
In lieu of a down payment a person or family must perform 30 hours a week for the length of the construction (six to eight months) toward the construction of the home. Friends and family members can contribute to the hours needed.
Housing Resources of Western Colorado's Self-Help Housing program is funded through the United States Department of Agriculture Rural Development. The program, begun in 1996, has helped 300 local families purchase their own homes.
Housing Resources, located at 524 30 Road, Suite 3, is a private nonprofit organization that provides affordable housing and promotes the wise and sustainable use of resources through its various programs.
“Families who participate perform about 70 percent of the construction on the homes, under supervision,” said Katie Wilson, Housing Resources family coordinator. “The ‘sweat equity' savings allows people who otherwise may not be able to afford a mortgage,” buy a home.
The program works generally with groups of eight to 11 people. Everyone works on each house in a subdivision, and no one moves in until all are completed.
The houses are approximately 1,200 square feet with three bedrooms, two baths, a two-car garage and are energy efficient. Home buyers may choose many features including carpets, paint colors, vinyl, brick, and roof shingles.
In a recently finished development in the Copper Canyon neighborhood near 33 Road, homes were appraised at $189,000.
Most of the loans for those houses were $155,000, Wilson said. The difference is the sweat equity that people have earned before they move in.
To qualify for the program, a person must be 18; must not be a current homeowner; have good credit (there is some allowable debt); and have an income no more than 80 percent of the median income.
A new group of families will be ready to move into another part of Copper Canyon subdivision by mid-December. Another eight families are ready to start building houses in Fruita. The organization also hopes to extend its program on land it owns in Palisade.
Typically, loans are made for 33 years, although some can be as long as 38, Wilson said.
“A lot of people end up with mortgages cheaper than their rent,” Wilson said.
The process can take up to a year for some people who may need credit counseling, who need to make payment plans or learn budget management, Wilson said.
“Rural Development has a very low foreclosure rate because our people are so educated (on homebuying),” Wilson said.
Housing Resources is always looking for new people to participate, Wilson said.
Those interested can call Wilson at 241-2871, ext. 102.
Reach Sharon Sullivan at ssullivan@gjfreepress.com.
A single person could earn as much as $32,050.
In lieu of a down payment a person or family must perform 30 hours a week for the length of the construction (six to eight months) toward the construction of the home. Friends and family members can contribute to the hours needed.
Housing Resources of Western Colorado's Self-Help Housing program is funded through the United States Department of Agriculture Rural Development. The program, begun in 1996, has helped 300 local families purchase their own homes.
Housing Resources, located at 524 30 Road, Suite 3, is a private nonprofit organization that provides affordable housing and promotes the wise and sustainable use of resources through its various programs.
“Families who participate perform about 70 percent of the construction on the homes, under supervision,” said Katie Wilson, Housing Resources family coordinator. “The ‘sweat equity' savings allows people who otherwise may not be able to afford a mortgage,” buy a home.
The program works generally with groups of eight to 11 people. Everyone works on each house in a subdivision, and no one moves in until all are completed.
The houses are approximately 1,200 square feet with three bedrooms, two baths, a two-car garage and are energy efficient. Home buyers may choose many features including carpets, paint colors, vinyl, brick, and roof shingles.
In a recently finished development in the Copper Canyon neighborhood near 33 Road, homes were appraised at $189,000.
Most of the loans for those houses were $155,000, Wilson said. The difference is the sweat equity that people have earned before they move in.
To qualify for the program, a person must be 18; must not be a current homeowner; have good credit (there is some allowable debt); and have an income no more than 80 percent of the median income.
A new group of families will be ready to move into another part of Copper Canyon subdivision by mid-December. Another eight families are ready to start building houses in Fruita. The organization also hopes to extend its program on land it owns in Palisade.
Typically, loans are made for 33 years, although some can be as long as 38, Wilson said.
“A lot of people end up with mortgages cheaper than their rent,” Wilson said.
The process can take up to a year for some people who may need credit counseling, who need to make payment plans or learn budget management, Wilson said.
“Rural Development has a very low foreclosure rate because our people are so educated (on homebuying),” Wilson said.
Housing Resources is always looking for new people to participate, Wilson said.
Those interested can call Wilson at 241-2871, ext. 102.
Reach Sharon Sullivan at ssullivan@gjfreepress.com.
