First Time Home Buyer Overview

Many lenders offer special programs for first time home buyers with as little as 3% down payment, plus closing costs, which usually run around 2% of the purchase price. There are two other programs in Summit County to help the local buyer, and several plans to provide affordable housing administered by the towns and the county.

First Bank has an “affordable” and a “super affordable” program directed toward local buyers. The affordable program allows that the buyer will not need to have more than $1000 down (plus title insurance and prepaid items). The super affordable program requires only $500 out of pocket(plus title insurance and prepaid items). Of course there are income requirements and restrictions. Contact Brett Haigler at First Bank in Silverthorne at 970-468-7250 or see the free report titled Affordable Housing Programs.

The Summit County Housing Authority will provide low interest loans to locals who qualify and attend a workshop on buying a home. Many people take advantage of both programs at the same time. In addition, the town of Frisco will waive the 1% transfer fee usually levied on real estate transactions for a buyer who has either worked or lived in the town for one year. Dillon and Silverthorne do not have the transfer tax, although Breckenridge does. Keystone and Copper Mountain also have transfer taxes in some areas. See the report titled “Down Payment assistance options” for specific requirements by the Summit Housing Authority.