Bank of Colorado Destination Home - HSP+ High Cost Area Program

What is Bank of Colorado Destination Home - HSP+ High Cost Area Program?

Bank of Colorado Destination Home - HSP+ High Cost Area Program is a grant for homebuyers in Statewide (high-cost areas) County, Colorado.

• Bank of Colorado's HSP+ provides enhanced forgivable grants up to $25,000 for buyers in HUD-designated high-cost areas and non-metropolitan Difficult Development Areas. Higher assistance than standard HSP to match elevated costs in mountain resort communities and metro areas. Forgiven after 5-year retention.
• Enhanced forgivable grant up to $25,000 for HUD high-cost areas.
• covers down payment, closing costs, and repair.
• higher grant amounts than standard HSP.
• forgiven after 5-year retention.
• mountain resort and metro areas eligible.
• Funding comes from Federal (FHLB Topeka) and Private Bank.

Do you have to pay it back?

Bank of Colorado Destination Home - HSP+ High Cost Area Program is structured as a grant, so it is not repaid.

• Repayment is triggered by Sale and Move within 5 years (prorated).
• 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 - HSP+ High Cost Area Program 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 - HSP+ High Cost Area Program limits household income to 80% of the area median income, which varies by county and household size.

• At or below 80% AMI; HUD-designated high-cost areas.
• 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 - HSP+ High Cost Area Program caps the purchase price as follows: Must comply with first mortgage guidelines for high-cost areas.

• Eligible property types include Single Family, Condo, and Townhouse.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Bank of Colorado Destination Home - HSP+ High Cost Area Program serves buyers purchasing in Statewide (high-cost areas) County, Colorado.

• The program targets specific areas: HUD-designated high-cost areas and Difficult Development Areas in Colorado (Eagle, Pitkin, Summit, Routt, San Miguel counties etc.).

How do you apply?

Applications for Bank of Colorado Destination Home - HSP+ High Cost Area Program 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.