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Economic Development
Single Family Mortgage Program

“Turnkey” Mortgage Program

Program Overview: The El Paso County, Colorado “Turnkey” Mortgage Origination Program provides a competitive 30-year fixed-rate FHA/VA 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.

Mortgage Rate: As of March 25, 2015 the mortgage rate is 4.375%. The mortgage rate will change periodically to stay competitive with the market and is slightly above the market rate.

Time Period: The El Paso County Housing Authority, as Program Sponsor, rolled out the "Turnkey” Mortgage Origination Program in early January 2013.

Who is Eligible: The requirements for eligible homebuyers: are:

  • Maximum Income: $88,900 (2 or fewer)/$103,700 (3 or more)
  • Maximum Home Purchase Price: $283,000
  • There is no first time homebuyer requirement

Eligible Loans: FHA, VA, or USDA-RD, all 30-year, fixed rate, minimum 640 FICO score (660 FICO for manufactured housing), maximum 45 debt-to-income (DTI) ratio. All homebuyers are encouraged to receive homebuyer education. Loans must be “underwriter certified” within 15 days of loan reservation, closed within 45 days, and purchased by the Servicer within 70 days. Refinance loans are not permitted.

Eligible Loan Area: Mortgage loans under the program may be made to qualifying borrowers throughout El Paso County, including Colorado Springs.

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

Can be used jointly with: Mortgage Credit Certificate (MCC) Program

Homebuyers – For More Information: Please contact one of the participating lenders listed below for information and details. 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.

Participating Lenders:

  • V.I.P. Mortgage
  • WR Starkey
  • Academy Mortgage
  • Air Academy Federal Credit Union
  • American Pacific Mortgage
  • Benchmark Mortgage
  • Broker Solutions, Inc.
  • CB&T Mortgage
  • Caliber Home Loans
  • Cherry Creek Mortgage
  • Cornerstone Home Lending
  • Ent Federal Credit Union
  • Envoy Mortgage
  • Fairway Independent Mortgage Corporation
  • First Mortgage Company
  • Freedom Financial Services
  • Guild Mortgage Company
  • Ideal Home Loans LLC
  • HomeBridge Financial Services, Inc
  • InterLinc Mortgage Services
  • LeaderOne Financial Corporation
  • (fka iMortgage)
  • Loan Simple, Inc.
  • Midland States Bank
  • Nova Home Loans
  • Peoples Mortgage
  • US Bank Home Mortgage