What does this program offer?
SALT is able to offer qualified buyers several forms of assistance that keep the new home purchase price very affordable.
- The buyer pays COST or the Appraised Value – whichever is lower.
- Buyer pays a minimum of 1% of the home price as a down payment and SALT provides 3% of the total home price as down payment assistance (DPA). Please note that some loan programs will require more than 1% down.
- Buyer receives DPA equal to the cost of the lot, about $21,000.
- The difference between the Appraised Value and the total costs of the purchase is also provided as DPA (i.e. no cash required).
- If the sum of the DPA amounts are less than $40,000, the second lien will be for ten years. If the DPA amounts exceed $40,000, the second lien will be for 15 years.
- The second liens will be reduced annually on the anniversary of your closing on the property by 1/10, or 1/15, depending on the lien term.
Who is qualified for this program?
Important buyer qualifications are:
- Households can only make up to 120% of the Area Median Income.
- “Front-end” Housing Payment (PITI) ratio cannot exceed 31%. “Back-end” ratio cannot exceed 45%.
- Be able to qualify for a 30-year conventional mortgage.
What is the value of purchasing a SALT home?
- An Estimated $35,000 to $38,000 in direct down payment assistance.
- No lot premiums.
- Energy efficient homes.
- Take advantage of the mortgage interest and property tax deductions.
- Attend top rated Vail School District.
- Close proximity to major employers.
- Investment gains as the home’s value appreciates.
- Long-term financial and physical stability
- Safe, affordable housing has been shown to improve mental and physical health.
- Fosters responsible community engagement.
- Take pride in ownership.
Want more details? Check out our Homeownership Program Overview.
Do you qualify?
*Note: Total household income includes the income of all adults 18+, including paychecks, settlements, spousal support, and other forms of income assistance.
