Season 3, Episode 11 - Unlocking Homeownership in El Paso County: The Pikes Peak Down Payment Assistance Program | Beyond the Dais

Unlocking Homeownership in El Paso County: The Pikes Peak Down Payment Assistance Program

For many aspiring homeowners, especially in a hot market like El Paso County, one of the biggest hurdles isn’t finding a perfect house—it’s pulling together that daunting lump sum for a down payment. In a recent episode of the "Beyond the Dais" podcast, host Scott Anderson sat down with housing experts to talk about a powerful local tool: the Pikes Peak Down Payment Assistance Program (PPDPA). We’re unpacking what was shared, highlighting who can benefit and how, and pointing you to even more housing resources that can make the dream of homeownership a reality.

What Is the Pikes Peak Down Payment Assistance Program?

The PPDPA is a local initiative, started in 2013 (formerly called Turnkey), designed to help families in El Paso County buy homes by providing crucial down payment assistance. The funds are provided by the El Paso County Housing Authority and notably do not come from taxpayer dollars. These resources are generated from the county’s Housing Trust Fund, which means this program is truly a community-driven effort for the community itself.

The program isn’t new to the region; it has evolved through the years to meet market changes and to comply with national best practices. While it initially started as a grant that didn’t need to be paid back, it now functions as a “silent second mortgage”—still forgivable over time, but offering even more flexibility and sustainability for both borrowers and the program’s future.

Who’s Eligible and What’s Offered?

Primary Residence Requirement
To qualify, buyers must purchase a home that will serve as their primary residence—no vacation homes or rental properties.

Not Just for First-Time Homebuyers
While many down payment assistance programs are limited to first-time buyers, the PPDPA is more flexible. “Over 99% of borrowers are first-time homebuyers,” noted Stacy Houston of Raymond James, “but you don’t have to be one.”

Income Limits
The main qualifier is your household income. For government loans like FHA, VA, or USDA, the cap is set at $162,960 annual income (as of the recording).

Flexible Assistance Levels
Borrowers can choose from 0% (just a very low rate), or 2%, 3%, 4%, or up to 5% in down payment assistance. The more assistance you take, the higher the mortgage rate, but the options give buyers control over what best fits their needs. The down payment help comes as a partially forgivable second mortgage: half is forgiven after five years, the other half after 30 years, provided you remain in the home and keep up on payments.

Introducing the Hometown Heroes Incentive

A standout feature of the latest PPDPA relaunch is the Hometown Heroes incentive. If you or your co-borrower works as a first responder, educator, healthcare professional, active military, veteran, or in one of many other public service fields, you can receive an additional 1% down payment as a grant—no repayment, ever. “It really could be the bus driver, the librarian, a nurse… they’ve been quite generous with who qualifies,” Houston emphasized.

How to Apply: Where to Start

There isn’t a direct county application; instead, buyers use an approved participating lender, just as they would for a regular mortgage. In fact, over 56 companies are authorized to offer PPDPA loans. Housing analyst Randi Davis recommends shopping around with at least three lenders (a bank, credit union, and independent mortgage company) within a two-week window to minimize any impact on your credit score.

Everything you need—from a list of eligible lenders and realtors to program details—can be found at pikespeakdpa.com.

Broader Housing Support: Not Just for Homebuyers

The County Housing Authority also invests in affordable rental developments by providing loans to developers, increasing access to subsidized rentals. On the county’s website, a user-friendly mapping tool helps renters locate and sort subsidized properties—especially useful for seniors or families seeking specialized housing.

Track Record and Community Impact

Since its inception, the PPDPA has enabled more than 2,800 families to buy homes in El Paso County, providing nearly $24 million in down payment assistance and facilitating upward of $575 million in mortgage funds. That’s a tangible difference in the lives of local families and a testament to the county’s commitment to affordable homeownership.

If you’re weighing your options in El Paso County—whether you’re a first-time buyer, a community hero, or simply need a hand—explore the Pikes Peak Down Payment Assistance Program. And if you’re an agent or lender, get certified to help even more local families unlock the door to their new home.

For more details, stories, and updates, listen to the full episode of “Beyond the Dais,” and visit pikespeakdpa.com.