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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 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.  The current available loans types are “Government” loans (FHA, VA & USDA) and Freddie Mac eligible “Conventional” loans.  All loan types come with the non-repayable 4% DPA grant.  However, for FHA loan FICO scores between 640-659, effective 12/1/15 the DPA grant amount is 3%.

Mortgage RateAs of February 1, 2016 the Government loan (FHA, VA & USDA) mortgage rate is 4.125%, and the Conventional mortgage rate is 4.625%. The Program mortgage rates will change periodically to stay competitive with the market and are 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. There is no set “end date” for the Program, and mortgage & DPA funds are continuously available to participating lenders and eligible homebuyers. 

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

  • Maximum Income: $89,760 (2 or fewer in the household)/$104,720 (3 or more)
  • Maximum Home Purchase Price: $316,177
  • Because this is not a “bond” program, there is no first time homebuyer requirement nor federal “recapture tax” under the El Paso County Turnkey Program

Eligible LoansGovernment loans (FHA, VA & USDA). Freddie Mac-eligible Conventional loans were added to the Turnkey Program on 10/1/15. All Program loans are 30-year, fixed rate. No loans for manufactured housing. No manual underwriting for FHA loans.  Minimum 640 FICO score with 4% DPA grant, provided that effective 12/1/15 FHA loan FICO scores between 640-659 will receive a 3% DPA grant.  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.  US Bank Home Mortgage is the Program Servicer, and eHousingPlus is the online loan reservation Administrator. 

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 any of the participating lenders listed below for additional details and to apply for a mortgage. 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:

  • Integrity Mortgage & Financial, Inc
  • HomeBridge Financial Services, Inc
  • LeaderOne Financial Corporation
  • (fka iMortgage)
  • Midland States Bank
  • Nova Home Loans
  • Peoples Mortgage (Peoples National Bank)
  • US Bank Home Mortgage
  • WR Starkey
  • Academy Mortgage
  • Air Academy Federal Credit Union
  • American Pacific Mortgage
  • Benchmark Mortgage
  • Broker Solutions, Inc. DBA New American Funding
  • CB&T Mortgage
  • Caliber Home Loans
  • CityWide Home Loans
  • Cherry Creek Mortgage
  • Cornerstone Home Lending
  • Eagle Home Mortgage (Universal American Mortgage)
  • Ent Federal Credit Union
  • Envoy Mortgage
  • First Mortgage Company
  • Mortgage Solutions Financial (fka Freedom Financial Services)
  • Guild Mortgage Company
  • Churchill Mortgage Corporation
  • First California Mortgage Company
  • Ideal Home Loans LLC
  • CityWide Home Loans