The Single Family "Turnkey" Mortgage Program in El Paso County, Colorado is a program aimed at helping low- to moderate-income homebuyers secure affordable home financing.
It offers a 30-year fixed-rate mortgage and down payment assistance of up to 4% of the mortgage amount.
To be eligible for "Turnkey", applicants must meet certain requirements.
They must have an annual household income that falls within the program's set limit of $108,920,
a debt-to-income ratio that does not exceed 45%,
and a credit score of at least 640 to receive the full 4% grant.
If the applicant has an FHA loan and a credit score between 640 and 659, they will receive a 3% grant.
Borrowers financing their home with a Freddie Mac HFA Advantage Conventional Loan are required to attend a homebuyer education course.
The purpose of this program is to make funds available to eligible applicants who are interested in purchasing a home but need financial help.
To pay the upfront costs, which include the:
down payment,
closing costs,
and prepaid items required to obtain homeownership.
For example, if your loan amount is $250,000, you could receive either a $10,000 or $12,500 DPA Loan. You may utilize the funds for a down payment, to increase the down payment you already have, or for closing costs
These expenses can add up to a substantial amount, and the inability to pay them might keep people stuck in a renters trap.
It's important to note that seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008.
However, States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, purchase price, and income limits.
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