Colorado Down Payment Assistance Program
$25,000
About the Program
Down Payment and/or Closing Cost Assistance Options
Homebuyers using one of our first mortgage loan programs to finance their home purchase are eligible to use CHFA assistance options to help with down payment and/or closing costs. Even if you contribute towards a down payment, you may still use one of the options below.
Down Payment Assistance Grant
- Up to the lesser of $25,000 or 3 percent of your first mortgage**
(Example: Get up to $6,000 on a $200,000 mortgage) - No repayment required
Second Mortgage Loan
- Up to the lesser of $25,000 or 4 percent of your first mortgage**
(Example: Get up to $8,000 on a $200,000 mortgage) - Individuals living with a permanent disability or first-generation homebuyers can access specific programs offering up to $25,000 regardless of first mortgage amount**
- Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or the sale or refinance of the home, or the home is no longer your primary residence.
* Higher interest rates apply
**For a 30-year, fixed-rate loan
How to get a CHFA Loan
Learn more about program requirements and next steps.
CHFA believes in responsible, affordable homeownership. Through our statewide network of Participating Lenders, we offer:
- Home purchase and refinance loan programs
- Grants and second mortgage loans for down payment and/or closing cost assistance
General Program Requirements
The following are some of CHFA’s general requirements for purchase loans, which will be verified by the CHFA Participating Lender you choose:
- Borrowers have a mid-credit score of 620 or higher
- Borrowers’ income must not exceed CHFA’s income limits
- Borrowers must individually and independently complete a CHFA-approved homebuyer education class prior to their mortgage loan closing date
- Borrowers must make a minimum borrower financial contribution of at least $1,000 toward the purchase of the home
In addition to meeting CHFA program requirements, borrowers must qualify according to the underwriting guidelines as determined by your CHFA Participating Lender. CHFA does not qualify homebuyers, and any questions regarding your potential qualifications can be discussed with a CHFA Participating Lender.
Important Next Steps
- Take a homebuyer education class:
- You must complete a CHFA-sponsored homebuyer education class before closing on your home loan under a CHFA program. Please note: this requirement does not apply to refinance programs. We recommend taking the class early in your housing search so that you are prepared to find a lender and real estate agent who are the best fit for you.
- In-person and online options are available.
- Register for a homebuyer education class today!
- Contact a CHFA Participating Lender:
- CHFA loan programs are available through our statewide network of CHFA Participating Lenders.
- A CHFA Participating Lender will help you determine which CHFA loan programs will work for you. They will walk you through the entire loan process from application to closing.
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