Single Family “Turnkey” Mortgage Program

The El Paso County, Colorado “Turnkey” Mortgage Program provides a competitive 30-year fixed-rate mortgage with a down payment assistance (DPA) grant equal to 4% of the mortgage amount to qualifying low and moderate income homebuyer families throughout El Paso County, including the City of Colorado Springs.  The El Paso County Housing Authority, as Program Sponsor, rolled out the “Turnkey” Mortgage Origination Program in early January 2013. There is no set end date for the Program, and DPA funds are continuously available to participating lenders and eligible homebuyers.

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

Loan Type FICO Score DPA Grant Amount


USDA-RD or VA 640 4%
FHA 660 4%
FHA 640-659 3%


HFA Advantage 640 4%

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!

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

Contact us:

Crystal LaTier
Interim Economic Development Director
9 E. Vermijo Ave.
Colorado Springs, CO 80903
Phone: 719-520-6484
Fax: 719-520-6288

Sara Lobato
Economic Development Senior Analyst
9 E. Vermijo Ave.
Colorado Springs, CO 80903
Phone: 719-520-6480
Fax: 719-520-6288