Single Family “Turnkey Plus” Mortgage Program

The El Paso County, Colorado “Turnkey Plus” Mortgage Program provides a partially forgivable Down Payment Assistance (DPA) loan to individuals and families who want to purchase a home anywhere in El Paso County, including the City of Colorado Springs. Qualified homebuyers may receive up to a 4% or 5% in DPA in the form of a soft Second Mortgage loan at 0% Interest, which is only due upon pay-off of the First Mortgage. The El Paso County Housing Authority, as Program Sponsor, rolled out the “Turnkey Plus” Mortgage Origination Program on February 15, 2019.

Forgivable DPA Loan:

  • 0% Interest
  • 30-year deferred Second Mortgage, due upon sale or refinance
  • 50% of the Second Mortgage Amount 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 & Second Mortgage funds currently are “Continuously Available”

The Program mortgage rates will change periodically 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.

Loan Type Minimum FICO Score DPA 2nd Loan Amount


USDA-RD, VA 640-659 3.5% or 4.5%
FHA, USDA-RD, VA 660 (currently) 4% or 5%


HFA Advantage 640 4% or 5%

Homebuyer Eligibility Criteria:

  • Maximum qualifying income: $120,120 for Government loan products / $64,640 for Freddie Mac loan products
  • Maximum home purchase price: None
  • Maximum debt-to-income (DTI) ratio of 45% for Government loan products
  • Maximum debt-to-income (DTI) ratio of 50% for Freddie Mac loan product
  • Because this is not a “bond” program, there is no first time homebuyer requirement nor federal recapture tax under the El Paso County “Turnkey Plus” Program

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.

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 the City of Colorado Springs.

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.

Lenders: Should you wish to become an approved lender, please contact Jennifer Payne at Raymond James for more information.

Contact us:

Eric Leonard
Housing Analyst
9 E. Vermijo Ave.
Colorado Springs, CO 80903
Phone: 719-520-6481