Pikes Peak Down Payment Assistance

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.

How to Apply

1. 1

   Confirm the property is in El Paso County (Colorado Springs, Fountain, Monument, etc.).

2. 2

   Work with a Pikes Peak DPA approved lender — the housing authority does not take direct borrower applications.

3. 3

   Verify household income at or below program limits (80% AMI for most; see income limits page for your household size).

4. 4

   Get pre-approved for FHA, VA, USDA, or conventional financing.

5. 5

   Lender submits Pikes Peak DPA / Turnkey Plus with your loan package.

6. 6

   Optional: stack CHFA down payment assistance if your lender is CHFA-approved.

7. 7

   Forgivable soft second and any Hometown Heroes grant disbursed at closing.