We help buyers every month buy a home using one of the many Down Payment Assistance programs available in Colorado. Few buyers are aware that there is a fantastic program available for buyers looking at Colorado Springs homes who need help with their down payment.
This program is provided by El Paso County and allows home buyers to qualify for a grant equal to 4% of the mortgage amount. Buyers use this grant in conjunction with a 30 year fixed rate FHA or VA mortgage and then are able to purchase any FHA eligible home.
Called the “Turnkey Mortgage Program,” this loan program has surprisingly little in the way of qualifications. Here are the key figures:
- Maximum income: $88,900 for 2 borrowers, $103,700 for 3 or more borrowers
- Maximum purchase price: $283,000
- Buyers DO NOT need to be first time home buyers
You can read the full requirments here.
This is a fantastic program and buyers can use it to buy any home that meets the above qualifications and qualifies for an FHA or VA loan. This includes many Colorado Springs Foreclosures and HUD homes.
If you are looking at Colorado Springs homes and are struggling to come up with the down payment, give our team a call at 719-641-4209 today and we can get you started on this Turnkey Program. We can get you in touch with the approved lenders for this program and get you on the way to buying your home fast.
Don’t miss out on these incredible mortgage rates. there has never been a better time to buy a home!