Purchasing a home for the first time is both exciting and liberating. It can also come with many questions. At The Dearfield Fund, we’re committed to helping you feel confident as you take this important step toward owning your future. Many of the questions you may have can be answered below, but if not, reach out to a member of our team to learn more.
What is The Dearfield Fund for Black Wealth?
The Dearfield Fund helps Black and African American communities build a foundation of intergenerational wealth and financial well-being, primarily through home ownership. We offer Black and African American first-time homebuyers access to no-interest down-payment funds that can be used toward the purchase of a new home.
Is there a specific mortgage lender that partners with The Dearfield Fund?
Yes, there are currently three approved mortgage lenders working with the Dearfield Fund.
The Dearfield Fund also partners with the Impact Development Fund, a down payment administrator with extensive experience providing support to other mission-driven programs like the Dearfield Fund. As more and more first-time homebuyers begin their journey to wealth, the Dearfield Fund’s managers are excited to welcome new lenders and partners.
In what counties can I purchase a home with the Dearfield Fund?
In order to use the Dearfield Fund, homebuyers must purchase homes within the six-county Denver metro area – Adams, Arapahoe, Broomfield, Denver, Douglas and Jefferson counties.
Can I combine the Dearfield Fund with other down payment assistance programs or grants?
Yes, homebuyers can use the Dearfield Fund with other down payment assistance programs and/or grant programs. If a homebuyer qualifies for a grant, the grant amount can be considered part or all of the homebuyer’s 3% down payment contribution required for the Dearfield Fund.
Why is this not a grant, but a loan?
The goal of the program is to provide a meaningful amount of capital toward a down payment on a home in Denver’s competitive market. To help homeowners generate their own personal wealth and make it possible for others in the Black community to do the same, homeowners return the initial down payment plus 5% of their home’s appreciation to the Dearfield Fund when they have seen the value of the home increase and choose to sell, refinance or transfer the property or when the property is no longer their primary residence.
When are homeowners required to pay back the down payment plus 5% appreciation?
The initial down payment support and 5% of the home’s appreciation is due immediately upon sale, transfer or refinance, or when the home is no longer your primary residence.
The down payment also carries a 15-year term, which is standard for other down-payment programs. However, if the homebuyer has not refinanced or sold the home within 15 years and continues to live in the home, we can extend the term to accommodate that. On an average, a typical homeowner refinances their home in 5-7 years, based on national and Colorado level mortgage data.
What is the significance of the name Dearfield?
The Dearfield Fund extends Mr. Jackson’s vision that the key to Black communities owning their future was unlocking the door to their own homes and property.
The history of Dearfield is told through Charles Nuckolls’ documentary “Remnants of a Dream: The Story of Dearfield Colorado.” Watch the documentary online.
Who is behind the Dearfield Fund?
The Dearfield Fund was established by Gary Community Ventures, the legacy of Colorado philanthropists Sam and Nancy Gary, who combined the resources of a foundation and a B Corp to increase opportunity for Colorado kids and families. Learn more about Gary’s mission.
If you have a question you don’t see addressed here, please contact us to ask!