The Turnkey Mortgage Origination Program offers low- to moderate- income homebuyers in El Paso County a 30-year, fixed rate mortgage that comes with a down payment assistance grant of 4 percent of the mortgage amount.

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Turnkey Mortgage Program

Financial Assistance for Homebuyers in 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 percent 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 percent, and they must have a credit score of at least 640 to receive the 4-percent grant. Applicants with FHA loans and credit scores between 640 and 659 will receive a 3 percent 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.
 
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.
 
 

Down Payment Grants in Colorado

The Metro Mortgage Assistance Plus Program is an initiative of Denver’s Office of Economic Development. In order to help low and moderate income families get over the hurdle of making down payments, the program offers a grant to help pay the upfront costs.

The Turnkey Mortgage Origination Program offers low- to moderate- income homebuyers in El Paso County a 30-year, fixed rate mortgage that comes with a down payment assistance grant of 4 percent of the mortgage amount.

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