Colorado Term Sheet

Mortgage Payment Assistance

Criteria Terms

Brief description

● Assist homeowners with mortgage payment assistance not covered with 

amounts in deferment, loan modification or other loss mitigation 

scenarios.

● 3 months mortgage payments, if more than 3 months required, a housing 

counseling consultation will be required.

● Same eligibility as Treasury guidance. Will need proof of loss mitigation 

paperwork.

● Will be a grant.

● Payable to Mortgage servicer.

Max amount per 

homeowner

Each homeowner will be eligible for up to 3 months of payment through this program 

to be used only for the homeowner’s primary residence.

Reinstatement. Financial assistance to allow a homeowner to reinstate a mortgage or to pay other 

housing-related costs related to a period of forbearance, delinquency or default 

Criteria Terms

Brief description

● Assist homeowners who did not qualify for loan deferment, loan 

modification, or other loss mitigation options from the loan servicer. Also 

assist homeowners who did not participate in the loan forbearance option, but 

still missed mortgage payments. 

● Can assist with arrears after January 2020, and a housing counseling 

consultation may be required.

● Same eligibility as Treasury guidance. Will need proof of loss mitigation 

denial if applicable.

● Will be a grant or a zero interest, forgivable loan placed as a lien on the 

property. Will be payable upon sale or refinance of the property. Loan will be 

forgiven at 20% per year with a full forgiveness after 5 years. Loan will also 

be forgiven if the sale results in negative equity. Will be a grant for total 

amounts under $40,000 and will be a forgivable loan for total amounts over 

$40,000.

● Payable to the mortgage servicer.
Colorado Term Sheet

Max amount per 

homeowner

Each homeowner will be eligible for arrears up to program limit of $40,000 through 

this program to be used only for the homeowner’s primary residence.

Facilitating mortgage interest rate reductions for DPA Loans and Mobile Home financing

Criteria Terms

Brief description

● Assist homeowners with interest rate reduction loans by paying down or 

paying off down payment assistance loans from government entities or 

nonprofits. Some DPA lenders will not subordinate their liens for a refinance, 

by paying off the DPA loans, homeowners can refinance to current market 

rates through streamline refinances or interest rate reduction loans. Or assist 

homeowners by paying down or paying off mobile home financing to enable 

transfer of title and/or enable refinancing to acceptable market rates.

● Up to full amount of DPA loan, or full amount of mobile home financing.

● Same eligibility as Treasury guidance. Will need proof of loss mitigation 

denial if applicable.

● Will be a grant, or will be a zero interest, forgivable loan placed as a lien on 

the property. Will be payable upon sale or refinance of the property. Loan 

will be forgiven at 20% per year with a full forgiveness after 5 years. Loan 

will also be forgiven if the sale results in negative equity. 

● Payable to DPA lender, or Mobile Home financing lender.

Max amount per 

homeowner

Each homeowner will be eligible for up to the full amount of their DPA loan or 

mobile home loan through this program to be used only for the homeowner’s primary 

residence.

Payment assistance for homeowner’s utilities, including electric, gas, home energy and water

Criteria Terms

Brief description

● Assist homeowners with payment assistance for utilities, including electric, 

gas, home energy, and water.

● Up to 12 months total payments, arrears and future payments. Housing 

counseling consultation recommended if more than 6 months in arrears.
Colorado Term Sheet

● Same eligibility as Treasury guidance. Will need proof of amounts in arrears.

● Will be a grant.

● Payable to the utility organizations.

Max amount per 

homeowner

Each homeowner will be eligible for up to 12 months of payments through this 

program to be used only for the homeowner’s primary residence.

Payment assistance for homeowner’s insurance, flood insurance, and mortgage insurance

Criteria Terms

Brief description

● Assist homeowners with payment assistance for delinquent homeowners 

insurance, flood insurance and mortgage insurance.

● Up to two years total payments, arrears and future payments. Housing 

counseling consultation recommended if more than 1 year in arrears.

● Same eligibility as Treasury guidance. Will need proof of amounts in arrears.

● Will be a grant.

● Payable to the mortgage servicers or insurance companies.

Max amount per 

homeowner

Each homeowner will be eligible for up to two years of payments through this 

program to be used only for the homeowner’s primary residence.

Payment assistance for homeowner’s association fees or liens, condominium association fees, or 

common charges

Criteria Terms

Brief description

● Assist homeowners with payment assistance for homeowner association or 

condominium-related fees.
Colorado Term Sheet

● Up to program limit, arrears and future payments. Housing counseling 

consultation recommended if more than 6 months in arrears.

● Same eligibility as Treasury guidance. Will need proof of amounts in arrears.

● Will be a grant.

● Payable to homeowner associations.

Max amount per 

homeowner

Each homeowner will be eligible for up to program limit through this program to be 

used only for the homeowner’s primary residence.

Payment assistance for down payment assistance loans provided by nonprofit or government 

entities

Criteria Terms

Brief description

● Assist homeowners with payment assistance for delinquent payments on 

DPA loans provided by nonprofit and government entities.

● Up to 12 months total payments, arrears and future payments. Housing 

counseling consultation recommended if more than 3 months in arrears.

● Same eligibility as Treasury guidance. Will need proof of amounts in arrears.

● Will be a grant.

● Payable to the DPA mortgage servicers or nonprofit agencies.

Max amount per 

homeowner

Each homeowner will be eligible for up to 12 months of payment through this 

program to be used only for the homeowner’s primary residence.

Payment assistance for delinquent property taxes to prevent homeowner tax foreclosures

Criteria Terms

Brief description

● Assist homeowners with payment assistance for delinquent property taxes.

● Up to 2 years total payments, arrears and future payments. Housing 

counseling consultation recommended if more than 1 year in arrears.
Colorado Term Sheet

● Same eligibility as Treasury guidance. Will need proof of amounts in arrears.

● Will be a grant.

● Payable to the property tax assessors for each county.

Max amount per 

homeowner

Each homeowner will be eligible for up to two years of payment through this program 

to be used only for the homeowner’s primary residence.