Bank of Colorado Destination Home - Homeownership Set-aside Program (HSP)

What is Bank of Colorado Destination Home - Homeownership Set-aside Program (HSP)?

Bank of Colorado Destination Home - Homeownership Set-aside Program (HSP) is a grant for homebuyers in Statewide County, Colorado.

• Bank of Colorado's Destination Home HSP provides forgivable grants up to $15,000 for down payment, closing costs, and purchase-related repair. Funded by FHLB Topeka's Homeownership Set-aside Program. Forgiven after 5-year retention. Must use Bank of Colorado as first mortgage lender.
• Forgivable grant up to $15,000.
• covers down payment, closing costs, and repair.
• forgiven after 5-year retention.
• FHLB Topeka-funded.
• available through Bank of Colorado statewide.
• Funding comes from Federal (FHLB Topeka) and Private Bank.

Do you have to pay it back?

Bank of Colorado Destination Home - Homeownership Set-aside Program (HSP) is structured as a grant, so it is not repaid.

• Repayment is triggered by Sale and Move within 5 years (prorated forgiveness).
• The assistance is recorded in None — grant position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Bank of Colorado Destination Home - Homeownership Set-aside Program (HSP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Bank of Colorado Destination Home - Homeownership Set-aside Program (HSP) limits household income to 80% of the area median income, which varies by county and household size.

• At or below 80% AMI statewide.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Bank of Colorado Destination Home - Homeownership Set-aside Program (HSP) can be used for Single Family, Condo, and Townhouse.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Bank of Colorado Destination Home - Homeownership Set-aside Program (HSP) serves buyers purchasing in Statewide County, Colorado.

How do you apply?

Applications for Bank of Colorado Destination Home - Homeownership Set-aside Program (HSP) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved homebuyer education required.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.