Pikes Peak Habitat for Humanity Homeownership Program

What is Pikes Peak Habitat for Humanity Homeownership Program?

Pikes Peak Habitat for Humanity Homeownership Program is a forgivable loan for homebuyers in Colorado Springs, Colorado.

• Pikes Peak Habitat for Humanity provides affordable homeownership through sweat equity for very-low-income families in El Paso County (Colorado Springs). Buyers contribute 300-500 hours of sweat equity and purchase a Habitat-built home at an affordable price with a below-market mortgage.
• Sweat equity homeownership for very-low-income buyers.
• affordable mortgage below market rate.
• no traditional down payment required.
• builds community through volunteerism.
• Funding comes from Nonprofit, Federal, and Private.

Do you have to pay it back?

Pikes Peak Habitat for Humanity Homeownership Program is a forgivable loan, so the balance is forgiven once the program's conditions are met.

• Repayment is triggered by Sale, Refinance, and Maturity Date.
• The assistance is recorded in 1st Lien (Habitat mortgage) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Pikes Peak Habitat for Humanity Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Pikes Peak Habitat for Humanity Homeownership Program limits household income to 60% of the area median income, which varies by county and household size.

• Income 30-60% AMI; El Paso County.
• 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?

Pikes Peak Habitat for Humanity Homeownership Program caps the purchase price as follows: Habitat-built homes at affordable prices below market.

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

Where does it apply?

Pikes Peak Habitat for Humanity Homeownership Program serves buyers purchasing in Colorado Springs, Colorado.

• The program targets specific areas: El Paso County (Colorado Springs area).

How do you apply?

Applications for Pikes Peak Habitat for Humanity Homeownership 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 Habitat for Humanity homebuyer education program; extensive pre-purchase preparation.

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.