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% soft second mortgage loan at 0% Interest, which is deferred for 30 years. 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
- 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: $1,000,000.00
Program Period: October 15, 2019 through December 31, 2019, as long as program funds remain.
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.