Homebuyer Eligibility Criteria:
- Maximum Household Income (1 or more persons): $115,640
- Maximum Home Purchase Price: None
- Maximum debt-to-income (DTI) ratio of 45
- Minimum 640 FICO score with 4% DPA grant
- FHA loan: FICO scores between 640-659 will receive a 3% DPA grant.
- Because this is not a “bond” program, there is no first time homebuyer requirement nor federal recapture tax under the El Paso County “Turnkey” Program
Eligible Loan Types:
Eligible loans include Government loans (FHA, VA and USDA) and Freddie Mac-eligible conventional loans. All Program loans are 30-year, fixed rate. No loans are available for manufactured housing. Refinance loans are not permitted.
Homebuyer Education:
All homebuyers are encouraged to receive homebuyer education, however, first-time homebuyers utilizing the Freddie Mac HFA Advantage Conventional Loan will be required to complete homebuyer education. The free course, Freddie Mac CreditSmart – Steps to Homeownership Tutorial must be completed by at least one borrower. The course may also be conducted by a HUD-approved counseling agency, including online HUD-approved non-profits using eHomeAmerica (Neighborworks based curriculum).
Eligible Purchase Area:
Mortgage loans under the program may be made to qualifying borrowers throughout El Paso County, including Colorado Springs.
Can be used jointly with: Mortgage Credit Certificate (MCC) Program
How can I find more information or apply for a mortgage?
For more information, please contact any of the participating lenders listed below for additional program details and to apply for a mortgage. This grant is your incentive to take the exciting step to apply and qualify for a home mortgage, and does not have to be paid back!
