Turnkey Plus Downpayment Assistance

• 0% Interest
• 30-year deferred Second Mortgage, due on sale or refinance
• 50% of the Second Mortgage amount is forgiven pro rata over the first five years (60 months) at 1/60th per month
• Remaining 50% of the Second Mortgage amount will be forgiven at the end of the 30-year period/maturity date of the First Mortgage

First and Second Mortgage funds are “continuously available” until further notice.

The program mortgage rates change daily to stay competitive with the market and generally are slightly above the market rate. Interest rates are subject to change at any time and will be confirmed by your lender at the time of loan reservation.

Eligible loans include Government loans (FHA, VA, and USDA) and Freddie Mac-eligible Conventional loans. All program First Mortgage loans are 30-year, fixed rate. No loans are available for manufactured housing and refinance loans are not permitted.

• Maximum income is $160,300 for Government loan products and $84,000 for Freddie Mac loan products.
• Maximum debt-to-income ratio is 45% for Government loan products and 50% for Freddie Mac loan products.
• Minimum credit score is 640 for VA/USDA, 660 for FHA, and 680 for Freddie Mac loan products.
• There is no maximum purchase price.
• Home must be located in El Paso County, Colorado, including the City of Colorado Springs.
• There is no first time homebuyer requirement.
• All homebuyers are encouraged to receive homebuyer education; however, first-time homebuyers utilizing Freddie Mac HFA Advantage Conventional loans will be required to complete homebuyer education.