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.

To utilize the Turnkey Plus Program, check to see if you are eligible for the program with the information provided below. Then contact a loan officer at one of our participating lenders from the “Which Lender Can I Use?” tab below. They will guide you through the process of accessing DPA funds from El Paso County.

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.

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.

Another resource that describes the Turnkey Plus program is a flyer linked here.

Homebuyer Eligibility Criteria:

  • Maximum qualifying income: $130,200 for Government loan products / $65,520 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

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.

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%

Now that you have read through some basic information about the program, please follow this 5 step process for completing your Turnkey Plus down payment assistance.

Step 1: Identify which lender you will be using for your mortgage.

  • The “What Lender Can I Use” section has a long list of all of the participating lenders in our program.
  • In order to utilize the Turnkey Plus program, your lender must be included on this list.

Step 2: Tell your loan officer that you would like to use Turnkey Plus.

  • Loan officers know the ins and outs of the program, how it will affect your loan and whether or not it is the right choice for you.
  • Your loan officer is your best source for detailed information about the program.

Step 3: Find a home you would like to purchase and follow the closing procedures with your realtor and loan officer.

Step 4: Between 2-5 days before your loan closes, your lender will reach out to El Paso County Economic Development to request the wire for the down payment assistance.

Step 5: Your loan closes, you receive 4% or 5% down payment assistance and you have a new home.

Payoffs for the Turnkey Plus Program are done through our Master Servicer: US Bank.

Please contact US Bank to request a payoff of your Turnkey Plus second mortgage.

(800) 562-5165

Contact us:

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

To become a participating lender, please contact:
Jennifer Payne