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.

Grant Assistance for Hometown Heroes

Hometown Heroes (HTH) Additional 1% Assistance

The borrower receives the first mortgage loan, the standard downpayment assistance through Pikes Peak DPA, PLUS an additional 1% of the total loan amount as a non-repayable Grant to The HTH Additional assistance MUST be used in conjunction with the Pikes Peak DPA Program first mortgage.

To qualify for the Hometown Heroes program, a borrower must be employed full-time (defined by the employer) and employed in a qualified profession listed below:

Qualifying Education Professions

Be currently employed in a K-12 public, charter, private, parochial or it’s school district.

Administrators, Deans and Counselors, Office Staff, School Psychologists, School Social Workers, School Nurses, School Lunchroom Staff, School Paraprofessionals, School Coaches, School Custodians and Maintenance Staff, School Librarians and Media Specialists, School Bus Drivers, School Office Staff

Qualifying First Responder Professionals

Firefighters, Probationary Firefighters, EMT’s, Paramedics, Drivers Engineers, Fire Dispatchers, Field Chiefs, Lieutenants, Captains, Fire and EMT office staff, Fire and EMT maintenance staff, Volunteer Firefighters, Police Officers, Detectives, Bailiffs, Corrections Officers, Detention Deputies, Border Patrol Agents, Crime Scene Technicians, Criminologist, Crime Lab Analysts, Parole Officers, Dispatchers, Park Rangers, Law Enforcement Office Staff, Substance Abuse Counselor.

Qualifying Healthcare Professionals

Nurses (RN, LPN, NP), Respiratory Therapists, CNA’s, Doctors, Medical Assistants, Medical Staff, Specialists, Orthodontist, Endoscopy/Radiology Techs, Lab Techs, Chiropractors, Dentists, Hospital Employees, Pharmacists.

Veterans and Active Military – Full-time employment requirement waived.

Served or currently serving in any branch of the US Military, Served or currently serving in the Colorado National Guard, Veterans must provide DD214. A Certificate of Eligibility is not accepted in lieu of the DD214. Veterans cannot have been dishonorably discharged. Active duty provide a valid L

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.

The Lender will qualify you for a mortgage loan and the Pikes Peak DPA Program at the same time.

PARTICIPATING LENDING INSTITUTIONS

Air Academy Federal Credit Union
American Neighborhood Mortgage Acceptance Company, LLC (Annie-Mac)
American Liberty Mortgage, Inc. NMLS 1462
AVH Mortgage, LLC JV loanDepot
Bank Central, a division of The Central Trust Bank
Bank of England
Bay Equity, LLC
CalCon Mutual Mortgage, LLC DBA OneTrust Home Loans
Cardinal Financial Company, Limited Partnership
Cardinal Financial Company dba Sebonic Financial
Cardinal Financial Company dba Sebonic Financial, L.P.
Cardinal Financial Company dba CF Wholesale
Cardinal Financial Company dba Peoples Home Equity
CB&T Mortgage (Farmers & Stockmens)
Central Trust Bank
Churchill Mortgage
Contour Mortgage Corporation
Cornerstone Capital Bank, SSB (trade name Cornerstone Home Lending) NMLS: 2258
DHA Financial, LLC
Envoy Mortgage, Ltd
First Western Trust Bank
Grace Home Lending, LLC (Joint Venture Cornerstone Home Lending, Inc.)
Group Mortgage, LLC (JV Cornerstone Home Lending) NMLS 2258
Guaranteed Rate, Inc.
Guaranteed Rate, Inc. dba Citywide Home Mortgage
Guaranteed Rate, Inc. DBA On Q Home Loans NMLS 2611
Guaranteed Rate, Inc. dba Rate
Guaranteed Rate Affinity, LLC
Guild Mortgage Company
Independent Bank
Intercap Lending, Inc.
Integrity Mortgage & Financial, Inc.
LeaderOne Financial Corporation
loanDepot.com, LLC
Luminate Bank NMLS 1281698
Milestone Mortgage JV Cherry Creek Mortgage
Mortgage Solutions of Colorado, LLC dba Mortgage Solutions Financial and AG America
MTH Mortgage, LLC JV loanDepot
NBH Bank
Neighborhood Loans, Inc.
Nest Home Lending, LLC as a joint venture of Cornerstone Home Lending NMLS: 1573857
New American Funding, LLC
NewRez, LLC
NEXA Mortgage, LLC dba AXEN Mortgage
NFM, Inc. dba NFM Lending
Nova Financial & Investment Corp (Nova Home Loans)
Novus Home Mortgage a division of Ixonia Bank
NQM Funding, LLC (trade name Premier Mortgage Associates)
Panorama Mortgage Group, LLC dba Alterra Home Loans
Panorama Mortgage Group, LLC dba Legacy Home Loans
Panorama Mortgage Group, LLC dba Inspiro Financial
Primary Residential Mortgage, Inc.
Primary Residential Mortgage, Inc. dba Security First Financial
Residential Wholesale Mortgage, Inc. dba RWM Home Loans
Spire Financial, a division of V.I.P. Mortgage, Inc.
Summit Mortgage Corporation
Sun West Mortgage Company, Inc.
SWBC Mortgage Corporation
Synergy One Lending, Inc.
T2 Financial LLC dba Revolution Mortgage
TRI Pointe Connect, LLC JV loanDepot
Union Home Mortgage Corporation NMLS 2229
Universal Lending Corporation
U.S. Bank National Association
VIP Mortgage, Inc.
Waterman Bank – NMLS 414704

For additional information please contact Randi Davis, Community Development Analyst, El Paso County/Economic Development Department, (719) 520-6481 or RandiDavis2@elpasoco.com