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.
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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Home Inspections >If It Is Broken Fix It
Most houses have a few "little" problems, like leaking faucets, a stove burner that won't light, or electrical outlets with too much "spark". These defects may not seem very important--unless your house is about to go on the market.
We rarely have difficulty getting sellers to agree to paint, replace worn carpets or plant a few flowers in the front yard. These kinds of repairs obviously increase the overall appeal of the property. However, if any of the major systems in your home need maintenance, it is also prudent to have the necessary repairs made. Have your furnace, central air-conditioning system, plumbing and wiring checked as part of your pre-marketing efforts. The best rule is--if it's broken, fix it!
The purchase agreement requires that a house be conveyed with all the systems in working order, and most buyers will bring in a home inspector to identify any potential problems. During the period of time between the "meeting of the minds" and the removal of the inspection contingencies, the buyers are the most vulnerable to an attack of buyer's remorse. This is also the time when anything that hasn't been repaired could become a major issue.
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| Q |
What was the location for the classic silent movie scene where Harold LLoyd dangles from a huge clock high above the city?
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| A |
That scene from "Safety Last"was filmed at the Brockman Building, one block south of the Biltmore Hotel in Los Angeles. |
 See More Real Estate Trivia > |
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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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