Turnkey Plus Financial Assistance for Home Buyers in El Paso County Colorado
The Economic Development Department of El Paso County, Colorado initiated the
Single Family "Turnkey" Mortgage Program. The program’s aim is to help low- to moderate-income homebuyers of El Paso County secure affordable home financing by providing a 30-year mortgage, along with down payment assistance.
Available Assistance:In addition to a 30-year, fixed-rate mortgage,
Colorado’s Turnkey Mortgage Origination Program offers eligible applicants a down payment assistance grant up to 4% of the mortgage amount.
Eligibility Requirements:Unlike most down payment assistance programs, there is no first-time homebuyer requirement, nor a federal “recapture tax.” However, there are other requirements that borrowers must meet to be considered eligible. The program is open to qualifying borrowers throughout
El Paso County, including Colorado Springs.
Applicants must have an annual household income that falls within the program’s set limit of $108,920. Their debt-to-income ratio must not exceed 45%, and they must have a credit score of at least 640 to receive the 4% grant.
Applicants with FHA loans and credit scores between 640 and 659 will receive a 3% grant. Borrowers financing their home with a Freddie Mac HFA Advantage Conventional Loan are required to attend a homebuyer education course.
The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help to pay the upfront costs, which include the down payment, as well as the closing costs and prepaid items required to obtain homeownership. These expenses can add up to a substantial amount, and the inability to pay it might keep people stuck in a renters trap.
Smart Start Homeowners are experts with first time home buyers and all down payment assistance programs. We are with you every step of the way.
Find out more now.
