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| Housing Programs - Rentals |
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Housing Programs - We are currently accepting applications |
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Cheryl West
Angie Shafranek 970-635-5926
Cheryl West
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Larimer Home Ownership Program (Lahop
Helping Families Realize Their Dream of Home Ownership
The Larimer Home Ownership Program is administered by the Housing Authority of the City of Loveland and offers down payment and closing cost assistance to low and moderate income families purchasing their first home. Families may not earn more than 80% of the area median income see chart .
This program is funded mainly with federal, state and county dollars. And because of that we are able to offer lower interest rates and more flexible terms then a traditional lender. The Maximum loan amount is $10,000 with an interest rate of 0-2%. The interest rate and term are based on the applicant's income. Generally, the loan term is 10 years. There is flexibility to do deferred payments and in some cases for folks earning 50% or below the area median income we can offer up to $20,000 with repayment deferred to sale.
This program can be used by anyone qualified buyer, purchasing a home in Larimer County including the City limits of Loveland, Wellington, and Berthoud as well as all the out lying county areas. The home value may not exceed the current FHA limit. The City of Fort Collins has its own program if you are purchasing with in the city limits of Fort Collins please contact Julie Smith at 970-221-6595 or visit there website at http://www.fcgov.com/affordablehousing/hba.php
The application process is very simple you can down load the application from the website (Application/Forms), or call 970-635-5931 to have one mailed, faxed or email to you. Fill it out and provide; proof of income, family size and pre-qualification information from your lender. Along with a $60 application fee to the Larimer Home Ownership Program located at 375 W. 37 th Street, Suite 200, Loveland, CO 80538. We will let you know in less than a week in most cases if you qualify. As a requirement of the program you must attend a first time home buyer training class provided by Neighbor to Neighbor (970-484-7498) prior to your closing.
No. of People in Household |
Income |
1 |
$38,750 |
2 |
$44,300 |
3 |
$49,800 |
4 |
$55,350 |
5 |
$59,800 |
6 |
$64,200 |
7 |
$68,650 |
8 |
$73,100 |
Post Purchase Issues
If You Are Having Difficulty Making Your Mortgage Payments
Getting behind in mortgage payments can seem overwhelming. It is important to get a good support system or help in making choices. Don't make this decision alone! Here are some things to think about to help improve the situation:
· Call your lender to negotiate arrangements to avoid further delinquency
· Consider all financial resources to draw from to make your next month's payment such as a 401K hardship withdrawal or a part-time job
· Read all your mail from your lender to make sure you understand the situation
· Contact your local HUD-approved counseling agency to discuss all your options
Your local HUD-approved counseling agencies in Larimer County are:
1. Neighbor to Neighbor provides housing counseling concerning home ownership, reverse mortgages and foreclosure prevention |
2. Consumer Credit Counseling provides assistance on avoiding foreclosure, reverse mortgages and credit assistance. |
Foreclosure Prevention Options
If you have been served with a foreclosure notice or have become two months behind on your mortgage payments, here are some things to keep in mind: Foreclosure on your home is always the worst possible resolution of a mortgage problem and it doesn't have to happen. Even if you have been served with a foreclosure notice, there is still time for you to "cure" the foreclosure and reinstate your loan. Your housing counselor can help you to explore ways to do this including:
1. Applying for a special second mortgage loan
2. Selling assets (car, boat or the house itself)
3. Cashing in retirement accounts (hardship withdrawal)
4. Asking for help from family and friends
You should contact your mortgage lender as soon as possible to see if the lender would accept a plan for you to "catch up" on your payments over a period of months. Your lender may also be able to provide a temporary reduction or suspension of your payments if you have had a family emergency or a loss of income. You may also want to work with your lender to refinance your loan to something you can afford, including a temporary "interest only" loan. If you have an FHA loan, your lender is generally required to accept payments of at least half of the total amount due unless you are more than four full payments behind in payments. Declaring a Chapter 7 or 13 bankruptcy could delay a foreclosure action, but has serious consequences for your credit. This is something you must talk to an attorney about before you proceed.
Options Involving Leaving Your Home
Foreclosure. This legal action results in the public sale of your property which will cause you to lose any equity (cash value) your home may have. You may also face a deficiency judgment for other debts from a second mortgage or other liens after the sale. This should be a last resort and you need to do everything you can to avoid foreclosure. This also causes very serious problems in your ability to get credit for up to seven years.
Selling Your Home. You may sell the home any time before it is auctioned in a foreclosure action and up to 75 days after the sale during the "redemption" period. You need to seek the help of a realtor to make sure your house is sold at the best price within the time limit.
FHA Pre-foreclosure Sale. If you have an FHA loan, please contact your lender to see if this program is right for you.
Short Sale. Even if you need to take a loss to sell your property, your lender may be willing to accept a loss (short pay) to make up for the insufficient market sales price. Have your realtor contact the lender to see if this is an option.
Deed in Lieu of Foreclosure. This is when you sign your property over to the lender to fully satisfy the debt. You will lose your home, but you will not face foreclosure.
Cash for Keys. If you are unable to sell your home during the redemption period after a foreclosure has taken place and you are about to be evicted, your lender may simply allow you to hand the keys over to the mortgage company without the embarrassment of a legal eviction.
TO UNDERSTAND MORE about foreclosures and Colorado Law, contact your housing counseling agency, mortgage lender, attorney or visit The Colorado Housing Counseling Coalition.
| Housing Programs - Homeownership |
Section 8 Homeownership Program
This program allows current Section 8 voucher holders the opportunity to purchase a home with their voucher assistance. HACOL requires the following eligibility requirements:
• Must be a current Section 8 voucher recipient for a minimum of 1 year
• Must be in good standing with HACOL
• Meet minimum income requirements set by HUD
• Family must have a minimum of 1% or $1,000 whichever is greater of their own funds as down payment
For more information contact
Nicole Hildebrand at nhild@lovelandhsg.org or 970-635-5930.
Larimer Home Improvement Program (Lahip)
Helping to preserve affordable housing
The Larimer Home Improvement Program is administered by the Housing Authority of the City of Loveland and offers low to no interest rate loans to income qualified families looking to repair or improve their homes. See chart for income qualifications.
This program is funded mainly with federal, state and county dollars. Because of that we are able to offer lower interest rates and more flexible terms then a traditional lender, as well as more relaxed credit requirements. The Maximum loan amount is $24,999 and the interest rate varies from 0% to 5% based upon the families' income. The loan terms are very flexible we will work with you to come up with an affordable monthly payment.
The Larimer Home Improvement Program is concerned with Health and Safety related issues in your home. Approved repairs or improvements would be such things as roof replacement or repair, new siding, windows and insulation for more energy efficiency, room additions in overcrowding situations etc. Please contact the program manager to see if your repairs qualify.
Qualified applicants must meet the income requirements, own and occupy the home you are requesting repairs for; and have enough equity in the property to secure the loan. Your home must be in Larimer County including the City limits of Loveland, Fort Collins, Wellington, and Berthoud as well as all the out lying county areas.
We also offer an emergency grant assistance program to people that own & occupy their home and make no more than 50% of the area median income, see chart. This program can offer funds to people in urgent need situations such as burst pipes, shot water heater or furnace. We do require that if you are asking for assistance to replace a furnace you must first apply with the weatherization program (Longs Peak Energy Conservation www.co.boulder.co.us/cs/ho ) if you are turned down by them you may then apply with us. These grants can not exceed $1,000, unless special circumstances are approved by the program manager. You are only eligible to receive emergency funds assistance one time.
The Larimer Home Improvement Program will assist in the repair of Mobile Home but on a much smaller scale. The maximum loan amount is $3,000 with an interest rate from 0% to 5% again based upon applicants income.
The application process is very simple you can down load the application from the website link to applicaton, or call 970-635-5931 to have one mailed, faxed or email to you. Fill out the application and provide; proof of income, and family size. Mail it to: 375 W. 37 th Street, Suite 200, Loveland, CO 80538. We will let you know in less than a week in most cases if you qualify.
80% of Area Median Income
No. of People in Household |
Income Limit |
1 |
$38,750 |
2 |
$44,300 |
3 |
$49,800 |
4 |
$55,350 |
5 |
$59,800 |
6 |
$64,200 |
7 |
$68,650 |
8 |
$73,100 |
No. of People in Household |
Income Limit |
1 |
$24,200 |
2 |
$27,700 |
3 |
$31,150 |
4 |
$34,600 |
5 |
$37,350 |
6 |
$40,150 |
7 |
$42,900 |
8 |
$45,650 |
Section 8 Rental Assistance
What is Section 8?
The Section 8 Voucher Program is a HUD designed assistance program to help very low to moderate income families rent housing in the private market. Section 8 provides direct monthly payment to property owners on behalf of the qualified voucher holders to cover a portion of rent. Family contributions are approximately 30% of adjusted monthly income for rent.
Section 8 Vouchers can help people with low incomes rent safe and affordable housing supports a rental market based on supply and demand.
How can a person get a Section 8 Voucher?
Applicants apply at the Housing Authority Administrative Offices or by visiting our website. Applicants must complete a written application. Everyone is encouraged to apply for the Section 8 Voucher Program. Homeless applicants receive a priority status. As with most subsidized programs, there is a waiting list for the Section 8 Program. Applications are weighted by date and time of submission.
Once an applicant reaches the top of the waiting list, they must be determined income eligible. If eligible, the applicant receives a Housing Voucher Certificate and is able to begin looking for housing within the Loveland city limits.
Rental limits are set by the US Housing and Urban Development Department (HUD). A qualified Section 8 participant must find a unit at a cost which falls within the size of their assistance and the payment standards. A rent reasonableness analysis by the Housing Authority office determines if the rent is comparable to other no-assisted rents in the immediate area. For market rent ceiling caps on a 1 bedroom, 2 bedroom, and 3 bedrooms, call the Housing Authority as the numbers change annually.
Participating landlords in the Section 8 Voucher Program sign a Housing Assistance Payments Contract with the Housing Authority in addition to a one-year lease agreement with the tenant. The landlord and tenant are not authorized to make any type of supplemental agreement for any portion of rent, which exceeds the contract rent, and the family's portion calculated by the Housing Authority.
The Housing Authority, by providing housing assistance, in no way warrants a family's suitability as a tenant. As in the private rental market, it is the responsibility of the landlord to reference and approve a prospective tenant . If contacted, the Housing Authority will provide a reference for those families who were former tenants of the Housing Authority, or of a program operated by the Housing Authority.
The Landlord may collect a deposit from those on the Section 8 program in accordance with guidelines charged to someone who is not on the program. Families are expected to obtain the funds to pay security and utility deposits, if required, from their own resources and/or other private or public sources.
All assisted units must be in a safe, decent, and sanitary condition as established by HUD Housing Quality Standards. For a copy of the HUD Housing Quality Standards, (Link to pdf) or call the office to obtain a copy by mail.
Housing Coordinators :
Peggy Mayben
970-635-5921
Carolyn Coffelt
970-635-5919
ccoff@lovelandhsg.org
