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.

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.

Bank of Colorado Destination Home - HSP+ High Cost Area Program 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. Property in HUD-designated high-cost area or non-metropolitan Difficult Development Area; income at or below 80% AMI; must use Bank of Colorado.

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.

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.

Bank of Colorado Destination Home - HSP+ High Cost Area Program serves homebuyers 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.).

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. 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.