The El Paso County Single Family Mortgage Bond Program Brought to You by Team Secundy The El Paso County Colorado real estate single family bond program provides 30-year fixed-rate loans with a GRANT in the amount of 4.00% of the loan for down payment or closing costs. Beginning May 4, 2007, $30,000,000 has been made available by El Paso County, in cooperation with the City of Colorado Springs and the El Paso County Housing Authority, with the issuance of the County's Single Family Home Mortgage Revenue Bonds. The interest rate for the loans is 6.125%
Program Qualifications
- First-time home buyers and veterans may purchase a home anywhere in the El Paso County Colorado real estate area.
- Other buyers, who have owned a home during the past three years, may only purchase a home in the Target Areas (see map below).
- Buyers must occupy their new home as their principal residence.
- The program can only be used to purchase a home (i.e., no refinancing).
- Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).
- Household income must not exceed the limits shown in the following table:
Household Income Limits
| |
Non-Target Area |
Target Area |
| 1 or 2 Persons |
$66,000 |
$79,200 |
| 3 or More |
$75,900 |
$92,400 |
Eligible Homes
- Program mortgages can be made for the following types of residences:
- Single family detached houses
- Condominiums
- Townhomes
- Duplexes older than five years
Purchase Price is limited to the following:
Purchase Price Limits
| |
Non-Target Area |
Target Area |
| 1 Family Residence |
$250,000 |
$300,000 |
| 2 Family Residence |
$275,000 |
$337,000 |
Program Benefits
- 30-year VA, FHA, RHS or conventional loans.
- 4.00% grant for down payment and/or closing costs is provided at loan closing by the El Paso County Housing Authority. This assistance will NOT need to be repaid.
- Almost 5,500 households have been assisted by this program.
 How to Apply
At the time of reservation, each borrower must provide copies of a signed purchase contract on an eligible home and their most recent three years' Federal income tax returns. A $75 non-refundable compliance review fee is required at the time of application. A 1.00% origination fee, plus customary closing costs, and $150 bond program fee will be due at closing. Please call a participating lender for an appointment.
Marsha & Tom Kromer
Countywide Home Loans
719-337-3872
EFax 1-866-703-5345
Email Marsha_Kromer@countrywide.com
Target Areas
While the program is good anywhere in the El Paso County Colorado rel estate area, there are Target Areas, neighborhoods where the County hopes to increase homeownership. Buyers do not have to be first-time homebuyers to finance a home in the Target Areas. Higher income limits and purchase prices also apply.
Ask us any question about buying a home in Colorado Springs, Broadmoor, Fountain and El Paso County. It's our job to help you! There's no obligation, and we promise to respond quickly...
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 The way that you hold title to your property has legal, tax, and estate-planning consequences. Many buyers do not receive adequate professional advice on this important aspect of property ownership.
If you are purchasing property by yourself, you will be acquiring title by sole (or "separate") ownership, single ownership, or severalty ownership. The term "severalty" does not denote more than one person - it is a legal term meaning that sole ownership is severed from all other forms of ownership.
If you are purchasing property with others, the most common forms of co-ownership are tenancy in common, joint tenancy, and community property. Tenants in common can be created when two or more related or unrelated people hold title to a property either equally or unequally. Each individual has the right to do whatever he wishes with his interest in the property. For example, he can sell his interest, give it away, or will it to someone else.
Before you take title, you should seek advice from your tax advisor and an attorney, particularly if you are buying the property with another person.
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The Secundy Team - Brad and Amy Secundy
Remax Properties
2630 Tenderfoot Hill Street
Colorado Springs, CO. 80906
Phone: 719-339-2233
Fax: 719-576-1746
Email: BradSecundy@comcast.net
TOP 20 Top Producers at Remax Properties.Top 30 Listing Agents In Pikes Peak MLS 2005
* New Construction, Resale, Military Rebates, Custom Homes. As a Relocation Specialist and Buyers Agent , we specialize in serving Internet Savy home buyers who want to shop at their own pace using the internet. Be the first in line to see homes that match your criteria.
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