| Program temporarily out of funds. Please check back in the future. |
The El Paso County Single Family Mortgage Bond Program
El Paso County’s single family bond program provides 30-year fixed-rate loans with a GRANT in the amount of 4.00% of the loan for down payment or closing costs. Beginning October 1, 2007, $19,500,000 has been made available by El Paso County, in cooperation with the City of Colorado Springs and the El Paso County Housing Authority, with the issuance of the County's Single Family Home Mortgage Revenue Bonds.
The interest rate for the loans is 6.45%.
Program Qualifications
· First-time home buyers and veterans may purchase a home anywhere in El Paso County.
· Other buyers, who have owned a home during the past three years, may only purchase a home in the Target Areas (see map below).
· Buyers must occupy their new home as their principal residence.
· The program can only be used to purchase a home (i.e., no refinancing).
· Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).
· Household income must not exceed the limits shown in the following table:
Household Income Limits
|
|
Non-Target Area |
Target Area |
|
1 or 2 Persons |
$66,000 |
$79,200 |
|
3 or More |
$75,900 |
$92,400 |
Eligible Homes
· Program mortgages can be made for the following types of residences:
o Single family detached houses
o Condominiums
o Townhomes
o Duplexes older than five years
· Purchase Price is limited to the following:
Purchase Price Limits
|
|
Non-Target Area |
Target Area |
|
1 Family Residence |
$244,000 |
$299,000 |
|
2 Family Residence |
$275,000 |
$337,000 |
Program Benefits
· 30-year VA, FHA, RHS or conventional loans.
· 4.00% grant for down payment and/or closing costs is provided at loan closing by the El Paso County Housing Authority. This assistance will NOT need to be repaid.
· Almost 5,800 households have been assisted by this program.
How to Apply
Loan applications will be accepted by participating lenders listed below. At the time of reservation, each borrower must provide copies of a signed purchase contract on an eligible home and their most recent three years' federal income tax returns. A $75 non-refundable compliance review fee is required at the time of application. A 1.00% origination fee, plus customary closing costs, and $150 bond program fee will be due at closing. Please call a participating lender for an appointment.
Participating lenders
|
Academy Mortgage Corporation |
719-457-1400 |
|
Adams Colorado Online Mortgage |
719-593-8778 |
|
Air Academy Federal Credit Union |
719-592-1045 |
|
American National Bank |
719-867-3385 or |
|
719-381-5562 |
|
CB&T Mortgage, L.L.C. |
719-260-0258 or |
|
719-579-5454 |
|
Cherry Creek Mortgage Group, LLC |
719-592-0990 |
|
Colorado Capital Bank |
719-482-7040 |
|
Countrywide Home Mortgage Loans |
719-548-8111 or |
|
719-579-8900 |
|
CTX Mortgage |
719-535-0533 |
|
First Community Mortgage |
719-448-4500 |
|
First Mortgage Company |
719-531-5311 |
|
Key Bank |
877-539-4272 |
|
Peoples Mortgage Corporation |
719-531-5577 |
|
U.S. Bank Home Mortgage |
719-380-2777 |
|
W.R. Starkey Mortgage, LLP |
719-592-0855 |
|
Wells Fargo Home Mortgage |
719-471-4520 |
Homeownership Counseling
Though not required, home ownership counseling may be helpful for any potential buyer; the following agencies provide such counseling
· Partners In Housing
o (719-473-8890)
· Consumer Credit Counseling Service
o (719-576-0909 ext. 222)
· Colorado Springs Housing Authority
o (719-387-6714)
· Colorado Housing Enterprises, LLC
o (719-633-0535)
Target Areas
While the program is good anywhere in El Paso County, there are Target Areas, neighborhoods where the County hopes to increase homeownership. Buyers do not have to be first-time homebuyers to finance a home in the Target Areas. Higher income limits and purchase prices also apply.