The El Paso County Turnkey Plus Downpayment Assistance (DPA) program provides a fully forgivable DPA loan to individuals and families who want to purchase a home anywhere in El Paso County, CO including the City of Colorado Springs. Qualified homebuyers may receive up to 5% in DPA in the form of a soft Second Mortgage loan at 0% Interest that is fully forgivable at 30 years.

Since 2013, and over 2,800 families have been able to buy a home in our community thanks in part to the Turnkey Plus DPA program! The El Paso County Housing Authority received an Award of Excellence in 2021 from the National Association of Local Finance Agencies to highlight the program’s innovations and the impact in our community. Because this is not a bond program, there is no first-time homebuyer requirement and borrowers are not subject to federal “recapture tax”.

Click on the flyer to the right for more information.

Turnkey Plus Downpayment Assistance

What is Turnkey Plus?

Forgivable DPA Loan:

* 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

Program Size:

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

Interest Rates:

The program mortgage rates will 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 Loan Types:

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.

How do I apply?


* 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, CO 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. The links below will take you to online and in-person LOCAL workshops.

For more information, contact:

Randi Davis
Housing Analyst
9 E. Vermijo Avenue
Colorado Springs, CO 80903

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