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First time home buyer. Real Estate First time home buyer.

First time home buyer.

The San Miguel Regional Housing Authority assists qualified applicants make home ownership a reality through the downpayment and closing cost assistance program. Funds are made available to qualified families working in San Miguel County. SMRHA works with all responsible mortgage professionals that provide the primary purchase loan and who apply for the San Miguel Regional Housing Authority down payment assistance loan on behalf of the qualified family. The assistance provided to you through San Miguel Regional Housing Authority is part of a revolving pool of funds. When you repay your loan, it is used to help another family enter home ownership!

What are the terms of a San Miguel regional Housing Authority loan? 

– Funds can be used to cover the down payment and closing costs.

-You make no monthly payments during the term of the loan, however, this assistance is not a grant.

– You must repay the down payment loan within 15 years unless you are in default or one of the situations listed under the section, “When do I repay the loan?” applies to you. Then you must repay your loan immediately!

– Loan repayment is based on how much you borrowed and how much your home will increase in value, this loan is considered an equity share mortgage. You will repay a pro-rata share of the recognized appreciation (if any) based on the percentage of the SMRHA loan to the original purchase price.

Who can get help? Eligible families must:

– Be employed in San Miguel County and earn less than 150% or less of the Area Median Income. (Ask SMRHA for current income limits).

– Be able to make the minimum investment toward the home of 3% of the purchase price or $10,000, whichever is less.

– Be able to qualify for a mortgage with the help of SMRHA funds.

– Attend home owner training. – Live in the home purchased.

– Not own any other residential property at the time of purchase. 

When do I repay the loan?

You sell your home.

You refinance your home.

You use your home for collateral on other loans. You no longer live in your home.

You do not pay your first mortgager

you go into foreclosure. You file for bankruptcy.

You use your home for some purpose other than a residence.

8. You use the home for illegal activities.

9. The 15-year term of this loan is up.

10. If you pass away, your estate must repay this loan.

For more information and answers to your questions call or text (970)728-3205

Telluride Realty & Investment has been assisting local first time home buyers for decades and we can help you too.

A good place to go for further insights is:

Telluride association of Realtors First Time Home buyers assistance program

The Telluride Association of Realtors® First Time Homebuyers Assistance Fund is a private sector affordable housing initiative conceived by members of the Colorado Association of REALTORS. The Telluride Association of REALTORS adopted this idea in 2002 and set up their own approved First Time Homebuyers Assistance Fund.

The fund is controlled and administered by the Telluride Association of REALTORS. The Fund was established for the purposes of facilitating and increasing housing opportunities within the local region served by TAR.  Participating brokers give back to their community by donating a portion of each closing along with the cooperation of Alpine Title & Land Title Guarantee Co. to the Telluride Association of REALTORS First Time Homebuyers Assistance Fund.


Distribution of the Telluride Association of REALTORS First Time Homebuyers Assistance Fund dollars will be made on an ongoing basis. The Board of Directors of the Telluride Association of REALTORS has established guidelines for granting funds to individuals and families. The Telluride Association of REALTORS First Time Homebuyers Fund Committee is made up of members of the TAR Board of Directors.

For more information call (970) 728-3205 

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