Alpine Bank and First Southwest Bank have provided equity investment loans, referred to as EQ2 loans to HomesFund,a Durango-based certified CDFI that provides educational and financial tools to low- and moderate-income homebuyers in Southwest Colorado. These EQ2 loans of $330,000 from Alpine Bank and $478,792 from First Southwest Bank will provide funding for two mortgage assistance loan programs.
The Impact Loan Program provides $15,000 of mortgage assistance and is paired the homebuyer’s first mortgage and other financing to facilitate homeownership. It is available in La Plata County, and HomesFund plans to expand the program into the other counties of Southwest Colorado in 2021 and 2022.
The Manufactured/Mobile Home Loan Program provides financing for difficult-to-finance manufactured and mobile home purchases in Southwest Colorado. For those who qualify, HomesFund can provide financing for the purchase of manufactured homes that are difficult to finance because they are in a park or for other reasons – such as having been moved more than once.
