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.