If saving a down payment is what's keeping you renting, Colorado has real help. The state housing agency, CHFA, offers down payment assistance up to $25,000, and you don't have to be broke to qualify.
Here's how the main programs work and the order to tackle them in.
What does CHFA offer?
The Colorado Housing and Finance Authority (CHFA) pairs a 30-year fixed first mortgage with down payment assistance:
Down payment assistance grant: up to 3% of your first mortgage. You don't pay it back.
Down payment assistance second mortgage: up to 4% of your first mortgage or $25,000, whichever is less. You repay it when you sell, refinance or pay off the first mortgage.
A few rules apply to every CHFA option:
The assistance only comes with a CHFA first mortgage, through a CHFA-approved lender.
You must finish a CHFA-approved homebuyer education class before closing. Many are online and free or low cost.
Income limits apply, and they are higher than most people expect. Ask a lender to check your number.
Not a first-time buyer? CHFA's HomeOpener program has no first-time buyer requirement, so repeat buyers who meet the income limits can still get help.
Do I count as a first-time buyer?
For most programs, yes if you haven't owned a home in the past three years. That means you may qualify even if you owned a home years ago.
Other options to know
VA loans: eligible service members and veterans can buy with $0 down. See my VA loan guide.
FHA loans: as little as 3.5% down with flexible credit guidelines.
City and county programs: some cities run their own assistance for homes inside city limits. Ask me which ones apply to the areas you're considering.
Your first-time buyer game plan
Talk to a lender who offers CHFA loans. Not every lender does.
Take the homebuyer education class early. It's required, and it answers many of the questions you have now.
Get preapproved so you know your real price range, assistance included.
Tour homes with an agent who knows the programs. Assistance programs add steps and timelines to your offer. I'll make sure the contract dates leave room for them.
Ready to see what you qualify for?
Book a free consult and I'll walk you through the process and connect you with lenders who offer these programs.
Book a free consult · 720-573-2065 · travis@marschnerhomes.com
Program amounts, income limits and rules change. Confirm current terms at chfainfo.com or with a CHFA-approved lender.
Travis Marschner, Broker Associate · Real Broker, LLC · 720-573-2065 · travis@marschnerhomes.com. Equal Housing Opportunity. This article is general information, not legal, tax or lending advice.