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:

  1. Households can only make up to 120% of the Area Median Income. 
  2. “Front-end” Housing Payment (PITI) ratio cannot exceed 31%. “Back-end” ratio cannot exceed 45%.
  3. 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.

Any questions or just want to learn more?  

Start typing and press Enter to search