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

this limit will be reviewed on a case-by-case basis due to the wide range of values in our area.

Applicants must authorize the lender to send the applicant's loan application and, if under contract, the good faith estimate to the GCAR Local Homebuyer Assistance Fund Committee.

12.Applicant needs to submit a personal letter to GCAR explaining the reason for the request.

13. Eligibility is not guaranteed. Availability of funds is limited and funding will be on a first- come, first-served basis as decided by the committee. If any of the applicants have previously been awarded funds by the Local Homebuyer Assistance Program, they must state that on the Application and Request Letter and explain the situation.

If Applicant is granted the funds, Applicant will be required to write a letter to both the Crested Butte News and Gunnison Country Times expressing thanks to the Gunnison-Crested Butte Association of REALTORS®. All funds given are a confidential matter between the recipient and the Homebuyer Assistance Program. Please do not write about the amount of funds received. Additionally. Applicant may be required to attend a pre-scheduled photo opportunity with others who have received funds.

If Applicant is related to any member of the GCAR Local Homebuyer Assistance Committee or GCAR Board member, or if a Committee member or Board member is involved in the transaction, that member will recuse themselves from the selection process.

The above are the general guidelines and the Board of Directors of the Gunnison- Crested Butte Association of REALTORS may take other criteria into consideration when granting requests.

GCAR retains the right to rescind any approved funds should they become aware of any material information that would have affected the original approval had they been aware of such information at that time, or if any information provided by Broker or Applicant is deemed inaccurate.

This sheet must be signed and turned in with the application.