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 December 6, 2013 the mortgage rate is 4.875%. 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 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.
Lenders – Should you wish to become an approved lender, please contact Stacy Houston at Raymond James (firstname.lastname@example.org) for more information.
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.
- Real Estate Mortgage Network (REMN)
- Cobalt Mortgage
- Universal Lending Corporation
- Wells Fargo Home Mortgage
- Academy Mortgage
- V.I.P. Mortgage
- Farmers & Stockmens DBA CB&T Mortgage
- First Choice Loan Services
- Mortgage Solutions of Colorado, LLC
- Cendera Funding
- 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)
- Loan Simple