Turnkey Plus Downpayment Assistance

Turnkey Plus Downpayment Assistance is a forgivable loan for homebuyers in Statewide, Colorado. Turnkey Plus is the El Paso County Housing Authority's down payment assistance program. It pairs a competitive 30-year fixed-rate first mortgage with a 3-year forgivable second of up to 4% (FHA/VA/USDA) or 5% (Conventional) of the loan amount. Pricing is tiered by FICO (640/660/680) so higher-credit borrowers receive better first-mortgage rates. Originally launched for El Paso County (Colorado Springs region) the program now offers statewide availability on Conventional, FHA, VA, and USDA loans. Down payment and closing-cost assistance up to 4% (Government FHA/VA/USDA) or 5% (Conventional) of the total first-mortgage loan amount, structured as a 3-year forgivable second mortgage. Combined with a competitive 30-year fixed-rate first mortgage. Multi-tier pricing based on credit score (640/660/680) lets higher-FICO borrowers receive better rates. Funding comes from Local Government, Bond Proceeds, and MBS Premium.

Turnkey Plus Downpayment Assistance is forgiven after 3 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Second loan is forgiven after 36 months of continuous owner-occupancy and otherwise due on sale, refinance, transfer, or loss of owner-occupancy. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Turnkey Plus Downpayment Assistance is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 640 minimum (Government/USDA); 660 for standard Conventional pricing; 680 for premier Conventional pricing tier. A homebuyer education course is required, through HUD-approved counseling agency or online education through Framework / Money Management International (required for borrowers with FICO < 640 or no credit score). Residency requirement: Property must be a primary residence in El Paso County (priority) or anywhere in Colorado for Conventional tiers (statewide availability). Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by first-mortgage product. Borrower(s) must occupy property as primary residence. Maximum income depends on household size and county: $84,000 (1-person, low-rate tier) up to $160,300 (program cap). FICO 640 minimum (Government / USDA), 660+ for some Conventional tiers, 680+ for the lowest-rate Conventional tier. Maximum DTI 50% (Govt) / 45% (Conventional/USDA). First-mortgage product must be originated through a Turnkey Plus participating lender. Available across El Paso County and statewide on Conventional, FHA, VA, and USDA. Pre-purchase counseling required for any borrower below 640 or with no credit score. Cannot be combined with other DPAs.

Turnkey Plus Downpayment Assistance limits household income to $160,300. The limit applies to total household income, not only the borrower&rsquo;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.

Turnkey Plus Downpayment Assistance caps the purchase price as follows: No published maximum purchase price (governed by FHA/VA/USDA/Conventional loan-limit ceilings). Eligible property types include Single-family detached, Townhome, Condominium, 2-unit (FHA only), and Manufactured (FHA, real-property). New construction is eligible. Manufactured homes are eligible.

Turnkey Plus Downpayment Assistance serves homebuyers purchasing in Statewide, Colorado.

Applications for Turnkey Plus Downpayment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Lender reserves funds through Turnkey Plus portal at time of first-mortgage lock. 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.