Created by the Economic Development Department of El Paso County, the Turnkey Mortgage Program offers fixed-rate 30 year mortgages and down payment assistance of up to 4% of the loan amount to eligible applicants. This assistance is a grant that does not need to be repaid.
In order to be eligible, applicants must be purchasing a home in El Paso County, and must not have an annual household income of more than $108,920. The maximum allowed debt-to-income ratio is 45%, and the minimum credit score is 640.
If the borrower has an FHA loan and a credit score less than 659 but greater than 640, they can receive a 3% grant.
If the borrower has a Freddie Mac HFA Advantage Conventional Loan, they will be required to complete a homebuyer education class.
Other programs in Colorado: