Pikes Peak Down Payment Assistance
Turnkey Plus · El Paso County · Colorado Springs, Fountain, Monument & Falcon
El Paso County Housing Authority
Up to
$25,000
Assistance
Forgivable Loan
Area
El Paso
Buyers
Repeat buyers welcome
Income
80% AMI limit
What This Program Offers
Pikes Peak DPA (also called Turnkey Plus in El Paso County) offers a forgivable 0% soft second up to 5% of your first mortgage — roughly $25,000 on a $500,000 home.
- Available countywide in El Paso County (Colorado Springs, Fountain, Monument, Falcon, and unincorporated areas).
- No first-time buyer requirement.
- Income is capped at 80% AMI ($93,100 for a family of 4 in 2026) for most loans, with higher limits for FHA/VA/USDA ($174,440 household) and Freddie Mac conventional ($90,720).
- Forgiveness: 50% pro-rata over 5 years of owner-occupancy; remaining 50% forgiven at 30-year first mortgage maturity.
- Hometown Heroes adds a 1% grant for teachers, nurses, and other qualifying occupations.
- Commonly stacked with CHFA SmartStep Plus or CHFA FirstStep Plus through approved participating lenders — including FHA first mortgages.
- Not a bond program, so no federal recapture tax.
Who Qualifies
Location
Buyer type
Primary residence
Income limits
Household income must not exceed 80% AMI for El Paso County. View 2026 income limits by household size.
| Household | 80% AMI Limit |
|---|---|
| 1 person | $65,200 |
| 2 people | $74,500 |
| 3 people | $83,800 |
| 4 people | $93,100 |
Showing sizes 1-4. See all household sizes
El Paso County • FY 2025 HUD Income Limits
How to Apply
- 1
Confirm the property is in El Paso County (Colorado Springs, Fountain, Monument, Falcon, etc.).
- 2
Review 2026 Pikes Peak DPA income limits for your household size on our income limits page.
- 3
Work with a Pikes Peak DPA approved lender — the housing authority does not take direct borrower applications.
- 4
Get pre-approved for FHA, VA, USDA, or conventional financing.
- 5
Ask about stacking Pikes Peak DPA (Turnkey Plus) with CHFA SmartStep or FirstStep Plus.
- 6
Lender submits Pikes Peak DPA / Turnkey Plus with your loan package.
- 7
Forgivable soft second and any Hometown Heroes grant disbursed at closing.
Documents you'll need
- Pre-approval from Pikes Peak DPA participating lender
- Income verification (80% AMI or program-specific limit)
- Purchase contract for El Paso County property
- Homebuyer education certificate (if required by lender)
- CHFA pre-approval docs if stacking CHFA assistance
Pikes Peak DPA vs CHFA — Can You Stack Them?
Colorado Springs buyers often combine county and statewide programs. These are separate products with different rules — stacking is common but must be coordinated by a dual-approved lender.
| Feature | Pikes Peak DPA (Turnkey Plus) | CHFA SmartStep Plus |
|---|---|---|
| Max assistance | Up to 5% of first mortgage (~$25k) | Up to $25,000 grant or deferred second |
| Geography | El Paso County only | Statewide Colorado |
| Forgiveness | 50% over 5 years; 50% at loan maturity | Grant or deferred — varies by product |
| First-time buyer | Not required | Required for most CHFA products |
| Income limit (typical) | 80% AMI ($93,100 family of 4) | $174,440 household (SmartStep) |
| Stack together? | Yes — via dual-approved lender | Yes — via dual-approved lender |
Frequently Asked Questions
How does Pikes Peak DPA work?
Pikes Peak DPA (Turnkey Plus) provides a 0% forgivable soft second equal to up to 5% of your first mortgage amount — roughly $25,000 on a $500,000 home. Your participating lender structures it as a subordinate lien at closing. Fifty percent forgives pro-rata over the first five years of owner-occupancy; the remaining 50% forgives when your 30-year first mortgage matures if you stay in the home. There is no direct application to the housing authority — you apply through an approved lender.
What are Pikes Peak DPA income limits for 2026?
Most buyers must be at or below 80% AMI — $93,100 for a household of four in El Paso County (FY 2026). FHA, VA, and USDA loans allow up to $174,440 household income. Freddie Mac conventional Turnkey Plus caps at $90,720. See our income limits page for every household size.
Is Pikes Peak DPA the same as Turnkey Plus?
Yes. Turnkey Plus is El Paso County's official program name; Pikes Peak DPA (PPDPA) is the shorthand lenders and buyers use in the Colorado Springs area. Same forgivable soft second, same income limits, same approved-lender process.
Pikes Peak DPA vs Turnkey Plus — which should I choose?
You don't choose between them — they are the same program. If a lender mentions Turnkey Plus or Pikes Peak DPA, ask about the up-to-5% forgivable soft second for El Paso County properties.
Can I use Pikes Peak DPA with an FHA loan?
Yes. FHA is one of the most common first mortgages paired with Pikes Peak DPA in Colorado Springs. FHA also allows the higher $174,440 household income cap. Your lender must be approved for both FHA and the county housing program.
Can I stack Pikes Peak DPA with CHFA?
Yes. Many Colorado Springs buyers combine Pikes Peak DPA with CHFA SmartStep Plus or CHFA FirstStep Plus for additional assistance. Your lender must participate in both programs — FHA + CHFA + Pikes Peak is a frequent first-time buyer stack.
Who are Pikes Peak DPA approved lenders?
The program is lender-administered, not borrower-direct. Start with a loan officer approved for El Paso County housing programs. If you plan to stack CHFA, confirm dual approval before you get under contract.
What are Pikes Peak DPA requirements?
Property must be in El Paso County (primary residence). No first-time buyer requirement. Income at or below program limits. Maximum purchase price $500,000. Single-family, condo, or townhome. Pre-approval through a participating lender required.