Gunnison-Crested Butte Association of Realtors
Local Homebuyer Assistance Program
Guidelines for Applicants and Brokers
Applicants may apply for funds up to 6 months prior to their estimated closing date, but no later than 28 days prior to closing. Applicants do not need to be under contract at the time of application, but they do need to have a completed loan application, pre-approval letter, and estimated purchase price.
Any funds granted to Applicant through the Program shall be valid up to 180 days. After 180 days, if Applicant has not closed on a property and used the awarded funds, the gift will be considered expired. If Applicant is under contract when the gift expires, Applicant may request an extension in writing. If Applicant is not under contract, they may re-apply, but funds are no longer guaranteed.
Applicant is responsible for keeping GCAR informed of their closing date (and any changes or extensions) to ensure on-time delivery of funds to the title company.
The funds granted from the Gunnison-Crested Butte Association of REALTORS are considered an "interested party contribution." The contribution must be documented in the Mortgage file and be clearly shown on the Settlement/Closing Disclosure Statement. Funds will be delivered directly to the title company prior to or at closing.
Applicant should be a person who: a. Does not currently own a dwelling b. Has been a resident within the local region served by the Gunnison-Crested Butte Association of Realtors for at least 12 months
Unit must be a single-family residence (condominium, town home, mobile or manufactured), must be owner-occupied, and within the local region served by the Gunnison- Crested Butte Association of REALTORS®. Grants will not be given on land purchases.
Priority is given to the first-time homebuyer. If you have owned property in the past (i.e., are not a first-time homebuyer), please fully explain the details.
Priority is given to applicants that are employed full time within the Crested Butte areas, Gunnison areas, and Lake City area.
Applicant shall have exhausted all other options for funding, including, but not limited to the following: a. Use of available nonessential assets and/or cash on hand. b. Gifts or money given by a parent or other relative that need not be repaid. c. Special financing options like a 203(k) or other Community Homebuyer Programs.
Program is limited to income guidelines as follows: a. Maximum income shall be $124,000/year for single-income households OR $141,600/year for multiple-income households (200% of AMI Applicants over