First Time Home Buyers and Locals
Welcome to the second home community–oh wait! Locals? What locals?
If you’re looking for a place to call home in Summit County and are one of the hard working members of our community, YOU CAN BUY a home in Summit County even if you’re earning local wages.
You’ve moved to the Rocky Mountains. You’ve found your dream job, and may have even taken a pay cut to live in one of these beautiful resort communities. And we know that buying a home can be stressful for someone making $40,000 a year ($80,000 as a couple), especially when a single-family, detached home with 3 bedrooms and two baths can cost more than $500,000.
That is where the Summit Combined Housing Authority, a local governing body that “assists the residents of Summit County and the surrounding areas with their housing needs,” deed-restricted program can help.
In general, there are a few criteria that need to be met in order to qualify for these properties. Check the SCHA for the current list.
And don’t worry. Some of our best neighborhoods include deed-restricted properties. Some are locals-only, while others are a fantastic mix of locals and second homeowners. (SCHA list of properties)
In fact, if you are a local and looking for an investment, some of these properties are available for locals to buy as an investment, as long as their tenants meet the SCHA requirements as well.
One of the ways that the SCHA helps keep housing affordable for locals is through an appreciation cap on deed-restricted properties. The cap is a percentage increase in value determined by the SCHA. This cap will help you buy your home, and it will help your buyer when you are ready to sell your home.
Mountain Dream Team loves working with locals! In fact, she believes that it is one of the most fulfilling parts of being a Realtor® in Summit County. Kristin gives discounts at closing to all public service personnel, including Teachers, Firefighters, EMTs, Paramedics, Law Enforcement Officers and Dispatchers, and active members of the military. If you serve our community, please let her know.
The Mountain Dream Team loves helping locals be a part of the homeownership community, in Breckenridge, Copper Mountain, Dillon, Frisco, Keystone, and Silverthorne.