2013 “Turnkey” Mortgage Program
Program Overview: The 2013 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 2/22/13 the mortgage rate is 3.875%. The mortgage rate may change periodically to stay competitive with the market and is slightly above the market rate. The initial program set when the program began reservations on 1/10/13 was 3.75%. Rate will change according to market conditions.
Time Period: The El Paso County Housing Authority, as Program Sponsor, rolled out the 2013 “Turnkey” Mortgage Origination Program in early January and anticipates an initial one-year program term.
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.
- Wells Fargo Home Mortgage
- Academy Mortgage
- V.I.P. Mortgage
- Farmers & Stockmens DBA CB&T Mortgage
- Mortgage Solutions of Colorado, LLC
- Peoples Mortgage
- WR Starkey
- Air Academy Federal Credit Union
- Caliber Funding
- Cherry Creek Mortgage
- First Mortgage Company
- InterLinc Mortgage Services
- Adams Mortgage
- US Bank Home Mortgage
- AmeriFirst Financial
- Castle & Cooke Mortgage
- Nova Home Loans
- Cornerstone Home Lending
- New American Funding (dba of Broker Solutions, Inc.)
- Residential Mortgage of Colorado (Solera National Bank)
- Real Estate Mortgage Network (REMN)
- Cobalt Mortgage
- Universal Lending Corporation
Homebuyers – For More Information: Please contact one of the participating lenders listed above for information and details.