Homebuyer Toolbox

Have you ever dreamed of owning a home? The Pikes Peak DPA homeownership program can help. Thousands of low- and moderate-income buyers have purchased homes of their own thanks to Pikes Peak DPA.

Are you eligible for the Program?

Eligibility Criteria

There is no first-time homebuyer requirement in this program.
You must be qualified for a mortgage with an approved Pikes Peak DPA Program Lender.
You must meet income limits (see below).
You must meet minimum credit score requirements and maximum debt to income (DTI) ratios.
The home must serve as your principal residence (this cannot be an investment property).

Downpayment and Closing Cost Assistance

Assistance Terms

Assistance Forgiveness

Assistance Repayment

The Assistance amount is secured in the form of a 0% interest, 30-year deferred Second Mortgage.

First 50% of the DPA is forgiven over the first five years at 1/60th per month.

Remaining 50% of the DPA will be forgiven at the end of the 30-year period/maturity date of the first mortgage.

Example

$400,000 loan receives $20,000 in DPA.

Home is sold after 2 years = $4,000 forgiven

Home is sold after 5 years = $10,000 forgiven

Home is sold after 30+ years = $20,000 forgiven

Any amount of the Second Mortgage will only be due if the borrower:

a) Ceases to reside in the property during the entire Loan Period;
b) Fully prepays or refinances or defaults in payments on the first mortgage loan secured by the First Deed of Trust before the end of the Loan Period; or
c) Sells, transfers or otherwise disposes of the property, including, without limitation, through foreclosure or transfer pursuant to any power of sale before the end of the Loan Period.

How Do I Apply?

To get started, contact a Participating Lender to apply for a mortgage loan. The lender will verify the current mortgage rate in the Pikes Peak DPA Program. When you speak with the lender to make application, it may be important that you have the following information:

List of all outstanding debts and credit cards, including account information, unpaid balance and monthly payments
Name and address of employer(s)
Copy of your most recent pay stub(s)

The loan products available to you through the program are FHA, VA, USDA-RD and Freddie Mac HFA Advantage loans.

You will receive a 30-year fixed rate, fully amortizing first mortgage loan with 360 level, monthly payments.

CURRENT HOMEOWNER – Looking for payoff information? U.S. Bank, servicer for your first mortgage will be able to provide payoff information for the second mortgage as well. Please contact U.S. Bank.