07 Mar Telluride Foundation: Ouray Waterview Lower Cost Mortgages & Buyer Assistance Available!
Ouray Waterview lower cost mortgages and buyer assistance available.
Homes more affordable through homebuyer down payment assistance and federally qualified mortgages.
Go here for more about the Telluride Foundation (back to 2009).
Current market rate mortgages of roughly 7% for a 30-year fixed-rate loan have resulted in a reduction in home buyer purchasing power, and have severely harmed home buying opportunities. However, in the Ouray Waterview Homes neighborhood, there are multiple down payment assistance programs that can help first time homebuyers close the purchasing gap to buy an affordable home. Additionally, in partnership with Federally funded banks that specialize in rural lending, mortgages are available for qualified, first time and low- and medium-income households with rates well below current market interest rates.
Only 5 homes remain for sale and move in the Ouray Waterview Project. Homes. can be viewed at www.ruralhomessales.org. However, the below market financing component of these homes is time sensitive as this below market interest rate mortgage program will not be available for much longer. Interested buyers must quickly determine if they qualify to secure a below market cost mortgage and select an available home to purchase. An interested buyer can try our custom mortgage estimator to determine if they can qualify and their estimated monthly mortgage payments. The estimator can be found at: https://www.ruralhomessales.org/mortgage-and-ami-estimator
Ouray Waterview Homes, an affordable 21 home deed-restricted neighborhood in Ouray, Colorado, has created a unique partnership between First Southwest Bank (FSWB) and Impact Development Fund (IDF) to increase homebuyers’ purchasing power. By combining down payment assistance with a specialized mortgage product, qualified buyers may be able to purchase homes that previously would have been out of reach with market-rate mortgage products.
Through the State of Colorado, IDF can provide down payment assistance for qualified buyers of up to $25,000 per household based on their household income. Qualified buyers can access additional down payment assistance through the Housing Opportunity Fund program the Telluride Foundation plans to launch by the end of March.
More information on the program can be found here https://telluridefoundation.org/impact-initiatives/housing-opportunity-fund/. These programs can be combined to provide a significant amount of down payment assistance for first time and qualified home buyers, lowering the overall amount of the mortgage as well as the monthly payments.
First Southwest Bank, the lead rural lender in Colorado, is offering a specialized fixed-rate mortgage with a 30-year term and favorable interest rates for qualified households. These mortgage products can significantly increase the home buying purchasing power for qualified households.
Down payment assistance, when combined with this preferred mortgage product, provides buyers with a mortgage payment as low as $1,600 per month if they meet certain qualifications. Buying a home rather than renting provides financial security and allows a homeowner to build equity and accumulate wealth.
Ouray Waterview Homes is a state- of -the-art neighborhood, which completed construction in December 2024. Waterview Homes include energy efficient stainless steel appliances, 2 x 6 construction, Energy STAR rated equivalent, rooftop solar, energy-efficient heat pumps, air conditioning, fiber broadband internet to the home, pre-wired electric vehicle charging ports and spacious landscaped yards with direct access to the Ouray Riverwalk trail system and the Uncompagahgre river.
What’s more there is no home owners association (HOA) for the Waterview neighborhood, avoiding any associated fees. Homes are deed restricted, which allows the homes to receive subsidies so that they can be priced well below the cost of construction, while allowing for home buyer wealth building through capping the home’s appreciation at 3% per year.
About Rural Homes
Rural Homes is a subsidiary of the nonprofit Paradox Community Trust, a project of the Telluride Foundation.
Rural Homes has completed projects in Norwood and Ridgway.
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