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.

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.

Bank of Colorado Destination Home - Homeownership Set-aside Program (HSP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: 620 minimum FICO. A homebuyer education course is required, through HUD-approved homebuyer education required. Residency requirement: State Resident. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Must use Bank of Colorado as mortgage lender; income at or below 80% AMI; first-time homebuyer; forgivable after 5-year retention period.

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.

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.

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

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. Funds are reserved through First-Come-First-Served. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.