Mortgage Assistance Program
Human Resources

Employee housing assistance at FLC

Fort Lewis College recognizes the challenges of finding affordable and reliable housing in Southwest Colorado.

Employee Mortgage Assistance Program

The FLC Board of Trustees and FLC Foundation Board each committed to providing a $500,000 investment in a mortgage down payment assistance program for a total commitment of $1,000,000 to create the Employee Mortgage Assistance Program. EMAP will make these funds available to qualifying faculty and staff.

EMAP supports employees striving for homeownership in Southwest Colorado who cannot fund the “gap” between the available housing cost and what is considered an attainable home cost. EMAP is managed through our administration partner, HomesFund.

How EMAP works

These are high-level reviews of possible individual benefits, loan options, and employee qualifications and will be confirmed by HomesFund through the loan application process.

Funds will be issued on a first-come-first-served basis, determined at the point of loan issuance.

EMAP basic steps

EMAP eligibility

Your eligibility will be reviewed with the HomesFund to confirm employee qualification:

Funder	Fort Lewis College
Program	FLC Employee Mortgage Assistance Program
Property Location	5 County Region of SW Colorado (Archuleta, Dolores, La Plata, Montezuma, and San Juan counties)
Term	30 years
Structure	Shared Appreciation or Low-Interest Amortizing
Borrowers	Applicants must be currently employed by FLC in a full-time (32hr/week), permanent position and have been employed by FLC for at least one year
Household Size	ALL people currently (or projected to be) residing in the home as a primary residence must be considered household members.
Household Income	Income that is currently being received or is anticipated to be received by ALL members of the household over the age of 18 shall be considered, EVEN IF THOSE ADULTS ARE NOT ON THE PRIMARY MORTGAGE LOAN.
Maximum Income	At or below 150% AMI
Minimum Income	Borrowers under 50% AMI must have strong compensating factors and additional counseling.
Other Real Estate Owned	Borrower may not own other residential property in La Plata, Archuleta, San Juan, Dolores, or Montezuma Counties; or San Juan NM at the time of application. Borrower may not own other residential property elsewhere at the time of closing, however, concurrent closings of departure homes outside of these six counties are allowed.
Homebuyer Education and Housing Counseling	Homebuyer Education must be taken within the 24 months prior to closing on the purchase of a home. Housing Counseling also required prior to closing on the purchase of a home.
Loan Amount	Maximum FLC loan of 20% of the purchase price up to $70,000 (regardless of CLTV). May be blended with other loan programs. The amount of the combined HF loans may NOT exceed the amount of the first-mortgage loan.
Use of Funds	Down payment only. Funds cannot be used for closing costs or prepaids. Purchase of primary residence ONLY.
Minimum Investment	Borrower must invest the greater of 1% of Purchase Price or $1,000 into the home. The investment must be PERSONAL funds (no gifts, no grants). Funds paid towards inspections, appraisals, and other investments into the home may be used to meet 1% requirement.
Post-Closing Liquidity / Maximum Assets	Borrowers must be able to document post-closing liquidity of personal funds equaling the greater of one month of housing expenses or $1,000 of personal funds. Post-closing liquid assets may not exceed $25,000. The FLC EMAP excludes employer sponsored retirement plans from the retirement asset limit, and therefore FLC employees may have retirement accounts with balances exceeding $150,000.
Compatible Mortgages	First-mortgage loans must be a fixed rate loan or adjustable-rate mortgage (ARM) with a fixed interest rate for a minimum of ten years. No balloon maturities, negative amortizations, or subprime mortgages are permitted.
Credit Score	All Mortgage Assistance borrowers must meet one of the following criteria: a) Mid Credit Score of 680 or higher; b) 3% down payment. If using this option to compensate for credit score, borrower personal contribution is increased to 2%, 1% can be gift. The gift must be in the form of certified funds brought to closing. c) 2 months housing payment in post-closing liquidity (readily available cash – no gifts) d) New housing payment is 25% less than current rental payments
Background Check	Background check may not show any violent felonies or sex offenses.
Budget	Borrower must provide HF with a balanced and sustainable budget with demonstrated ability to pay household expenses, existing debts, and new mortgage prior to closing.

La Plata County Income Limits for 2024

Mortgage Assistance Program Human Resources

Employee housing assistance at FLC

Employee Mortgage Assistance Program

How EMAP works

Mortgage Assistance Program
Human Resources