Colorado CHFA Down Payment Assistance
The Colorado Housing and Finance Authority (CHFA) offers two main down payment assistance structures alongside its 30-year fixed first mortgages: a grant of up to the lesser of $25,000 or 3% of the first mortgage that never has to be repaid, and a second mortgage of up to the lesser of $25,000 or 4% at 0% interest with deferred repayment.
What you can get
DPA Grant: up to the lesser of $25,000 or 3% of the first mortgage, no repayment required when program conditions are satisfied. DPA Second Mortgage: up to the lesser of $25,000 or 4% of the first mortgage at 0% interest, deferred until sale, refinance, first-mortgage payoff, or the home leaves primary use. First-generation buyers and buyers with a permanent disability may access a flat $25,000 through the second mortgage regardless of loan amount.
Who qualifies
- Use an eligible CHFA 30-year fixed first mortgage (FirstStep, SmartStep, Preferred, and others) through a CHFA-participating lender.
- Minimum 620 credit score.
- Minimum $1,000 borrower contribution.
- Household income within CHFA qualifying limits for your county and household size.
- Purchase price within program limits.
- Primary residence only; complete required homebuyer education.
How it pairs with your mortgage
CHFA assistance must pair with a CHFA first mortgage, FHA, VA, USDA, or conventional depending on the program. Note that CHFA states higher interest rates apply when assistance is used, so compare the complete transaction (rate plus assistance) rather than the assistance amount alone. CHFA also launched Schools-to-Home, a shared-appreciation program for public school employees offering up to 25% of the first mortgage, ask a CHFA lender whether you qualify.
Availability right now
CHFA programs, income limits, and rate sheets are updated regularly. Confirm current terms at chfainfo.com or with a CHFA-participating lender before building your plan around a number on this page.
Availability depends on lender participation and current program funding. Program terms change, confirm current details with the administering agency or a participating lender. Educational information only; not a commitment to lend.
Is the CHFA grant really free money?
The DPA Grant requires no repayment when program conditions are satisfied. The tradeoff CHFA discloses: a higher interest rate applies on the first mortgage when assistance is used.
What credit score does CHFA require?
620 minimum across CHFA programs. Scores of 680+ generally access better rate tiers.
Do I have to be a first-time buyer for CHFA?
For FirstStep, yes (no ownership in the past 3 years). HomeOpener is available to repeat buyers, and veterans in targeted areas are exempt from the first-time buyer requirement across programs.
Loans that pair with this program
Buying in Colorado? Check your eligibility
Tell us about your purchase. We will confirm which assistance programs your scenario qualifies for, usually within one business day.