Turnkey Plus Downpayment Assistance

What is 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.

How much assistance does it provide?

Turnkey Plus Downpayment Assistance provides assistance worth 5% of the purchase price, as set by the program.

• Buyer contribution: No minimum borrower contribution required.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Turnkey Plus Downpayment Assistance is forgiven after 3 years, so a buyer 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.

Who qualifies?

Turnkey Plus Downpayment Assistance is open to buyers who will live in the home as their primary residence.

What are the income limits?

Turnkey Plus Downpayment Assistance limits household income to $160,300.

• 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?

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.

Where does it apply?

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

How do you apply?

Applications for Turnkey Plus Downpayment Assistance 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 counseling agency or online education through Framework / Money Management International (required for borrowers with FICO < 640 or no credit score).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Lender reserves funds through Turnkey Plus portal at time of first-mortgage lock, 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.