Turnkey Mortgage Origination Programs 

 

ADMINISTRATOR GUIDELINES   
PARTICIPATING LENDERS   
PROGRAM
  • TBA Turnkey Program – Reservations are OPEN M-F, between 8am – 6pm Mountain (10-8 EST) excluding Holidays;
ELIGIBLE AREAS
  • All of El Paso County, Colorado
  • including the City of Colorado Springs
LOAN TIME LINE REQUIREMENTS
  • Reservation to UW Cert: Must be certified prior to closing
  • Reservation to Loan Purchase: 60 days
ELIGIBILITY CRITERIA
  • No First-Time buyer requirement
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD,  Freddie Mac 80% AMI HFA Advantage 
DPA
  • Assistance is automatically calculated of the Note amount
  • 0%, 30 year deferred second Mortgage.
  • terms = 50% forgiveness within 5 years
  • see guidelines for details
INCOME LIMIT CRITERIA  
  • TBA Turnkey Household income = 1003 Credit Qualifying Income
    • Government = $160,300 
    • Freddie Mac 80% AMI and below = $84,000
HOME ACQUISITION LIMITS 
  • TBA Turnkey  –  None  
HOME BUYER EDUCATION
  • The Authority recommends but it is not required.
FICO/DTI REQUIREMENT
  • FICO – see Guidelines 
  • DTI – Max DTI ratio – see Guidelines 
  • manual UW not allowed
CO-SIGNERS
  • Follow Agency Guidelines (FHA, VA, Freddie Mac)
  • may NOT have a ownership interest (Warranty Deed)
  • May NOT reside in the residence
FORMS AND DOCUMENTATION
  • Online, once logged in to eHP system, see FORMS and Guide
THE AGENCY
  • Issues the First Mortgage Program and Down Payment Assistance Program
  • Sets the rate, term, points and DPA options
  • Lender relationships
  • Markets the Program
THE LENDER
  • Takes application for the program
  • Reserves first mortgage in eHousingPlus system
  • Must meet loan processing timeline
  • Process, Underwriter, Certify, Fund, Close and Sell qualified loans to the Program Master Servicer
  • Check with your company on how to reserve a loan in YOUR own system so that you have funds available at closing
  • Responsible for servicing loans in accordance with Agency requirements until loan is purchased by the Master Servicer
THE MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance with the Servicer Lender Guides or  to contact the US Bank Lender Help Desk, Click here.

 

Current Rate/Offerings – Reservation/locks – AVAILABLE from 8:00am-6:00pm Mountain (10-8 EDT excluding weekends & holidays)

Rate/Offerings FICO DPA Lock Rate
 GOVERNMENT  
FHA, USDA, VA 660 0% 7.000%
FHA, USDA, VA 2% 7.125%
FHA, USDA, VA 3% 7.625%
FHA, USDA, VA 4% n/a
FHA, USDA, VA 5% n/a
 CONVENTIONAL –  HFA Advantage – FREDDIE MAC 80% AMI and below  
Freddie Mac 80% AMI 640
 0% 7.125%
Freddie Mac 80% AMI 2% 7.250%
Freddie Mac 80% AMI 3% 7.500%
Freddie Mac 80% AMI 4% 7.875%
Freddie Mac 80% AMI 5% n/a

 

  • All Loans are Assisted Rate Loans
  • 30 Year, Fixed Rate, Amortized
  • DPA Assistance is automatically calculated on the Final Loan Amount
    • 0% interest, 30-year deferred Second Mortgage