Telluride Loan Production Office

Local Lending in Telluride

Dolores State Bank's Telluride loan production office at 126 W. Colorado Ave. makes mortgage, construction, second home, and deed-restricted property loans in Telluride and San Miguel County. It handles lending only and does not offer deposit accounts. Call 970-728-8188 or 970-708-2499.

Kathy McJoynt, Vice President, leads the office. She is versed in real estate lending, construction loans, second and vacation home financing, and deed-restricted loans. All of Dolores State Bank's decisions are made locally.

The office is part of Dolores State Bank, which has been serving Southwest Colorado since 1959 and is the largest independent bank in Montezuma County.

The bank also keeps its mortgages. A home loan made through this office is owned by Dolores State Bank and never sold, so you deal with the same bank for the life of the loan. NMLS# 409186.

This office cannot open deposit accounts. Checking, savings, certificates of deposit, and IRAs are available at the full-service branches in Cortez, Dolores, and Mancos. For lending questions, call 970-728-8188 or contact us.

Lending Services Available in Telluride

The Telluride office offers four types of lending. The product pages have the full details.

• Mortgage loans: Purchase and refinance financing for primary residences, second homes, and vacation properties in the Telluride area. Dolores State Bank's mortgages are always owned by the bank and never sold.
• Construction loans: Residential construction financing for new homes and cabins in San Miguel County.
• Second home and vacation home financing: A specialty of this office. Lending requirements for a home you don't live in full time differ from those for a primary residence.
• Deed-restricted property loans: Financing for homes that carry local housing deed restrictions, covered in the next section.

Second home loans call for different documentation than a primary residence mortgage. Occupancy, any rental use, and the size of your down payment can all affect how the loan is structured, so it pays to talk with the lender before you make an offer.

Mortgage and residential construction applications can be started online from their product pages, or you can call the office. Call for current rates. Approval depends on your credit, collateral, and overall financial picture.

Deed-Restricted Housing and Lending in the Telluride Market

Deed-restricted homes are a built-in part of Telluride's housing market. The Town of Telluride requires new development to provide affordable housing for 40% of the new employees it generates, through new deed-restricted units, deed restrictions on existing homes, or cash payments.

The San Miguel Regional Housing Authority (SMRHA) administers the deed-restricted programs for the Town of Telluride and San Miguel County, and the Mountain Village Housing Authority oversees deed-restricted properties in Mountain Village. These authorities decide who qualifies to buy a restricted unit, so eligibility questions go to them, not to the bank.

SMRHA notes that restrictions differ by location and unit type. Resale price caps and occupancy requirements can affect how a lender values the property and structures the loan. Kathy McJoynt is versed in deed-restricted loans and can explain what a particular restriction means for your financing.

Buyers of a restricted unit may also qualify for down payment or closing cost assistance through the Telluride Foundation's Housing Opportunity Fund, which serves people living and working full-time in San Miguel and Ouray counties and the towns of Nucla, Naturita, and Rico. Applicants start with the Foundation's pre-qualification form, and assistance must be approved before buying a home. The program is run by the Foundation, not the bank.

Frequently Asked Questions