Colorado Down Payment Assistance and First-Time Home Buyer Programs

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    If you are a first-time home buyer in Colorado, we have good news and bad news.

    The value of a typical house in Colorado is about 40% higher than the national average. That can be a relatively high bar for many people, especially first-time home buyers.

    Now for the good news: as a Colorado resident, you can receive between $2,500 and $30,000 in down payment assistance to help you buy your first home with little or no money out of pocket.

    There are several options for down payment assistance in Colorado to help you cover the upfront costs of buying a home.

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      Disclaimer: This article is for informational purposes only and should not be considered as legal or financial advice. Please consult an attorney, mortgage lender, or CPA for guidance on your specific situation.

      Types of assistance for first-time home buyers in Colorado

      Broadly speaking, down payment assistance comes in two forms: grants or loans. Grants don’t need to be repaid. Loans do need to be repaid, but many down payment assistance loans for Colorado residents are structured so that repaying the loan isn’t too much of a financial strain.

      If you are looking for down payment assistance as a first-time home buyer in Colorado, it’s a good idea to consider all of the options available to you, so you understand exactly how these programs can help you get the keys to your first home. 

      In a minute, we’ll go over each specific down payment assistance program in more detail. But first, here’s an overview of the types of programs available to Colorado residents. 

      Colorado down payment assistance

      Down payment assistance is designed to help cover the upfront costs of buying a home, which is often the biggest obstacle for first-time home buyers. In addition to covering down payment costs, some programs allow you to use the funds to cover other closing costs.

      Most down payment assistance programs have relatively modest eligibility requirements, such as purchasing a primary residence, meeting a minimum credit score, and taking a home buyer education class prior to purchasing a home.

      There are several down payment assistance programs specifically for Colorado residents, but there are also a number of national down payment assistance programs. These national programs can be used to purchase a home in any state. 

      Colorado first-time home buyer programs

      As the name suggests, Colorado first-time home buyer programs are designed to help people purchase their first home. To be eligible, you must be a first-time home buyer. 

      However, for the purposes of these programs, being a first-time home buyer doesn’t necessarily mean you’re purchasing a house for the first time in your life. 

      For many programs, you are considered a first-time home buyer if you don’t currently own a home and you haven’t owned a home for a certain number of years prior to accessing down payment assistance. 

      Colorado first-time home buyer grants

      For many buyers in Colorado, first-time home buyer grants are the best option, since grants do not need to be repaid.

      Most grant programs have eligibility requirements similar to those for down payment assistance loans. One major difference: you can usually get more money from a loan than from a grant. But don’t let that deter you from considering down payment assistance grants, since a grant offers simpler financial management.

      Bad credit home loans

      Bad credit home loans are designed to help people with bad credit qualify to purchase a home. They sometimes require a little bit of additional insurance, but they have slightly looser credit requirements and are structured to help you get into your first home, even if you have a less-than-ideal credit score. 

      Colorado down payment assistance programs and first-time home buyer grants

      With Stairs, you can easily find all of the down payment assistance programs you qualify for, compare your options in one place, and connect to a trusted lender familiar with your chosen program.

      Learn more about your down payment assistance options.

      CHFA Preferred Plus DPA

      The CHFA Preferred Plus DPA program offers down payment assistance loans for buyers purchasing their first home. Preferred Plus DPA loans do not need to be repaid until you sell the house, pay off the mortgage, or the home is no longer your primary residence.

      • Eligibility requirements: Home buyers with a credit score of 620 or higher.
      • Type: Deferred loan
      • Sponsor: Colorado Housing and Finance Association
      • DPA percentage: 4% of mortgage loan.
      • DPA amount: $29,048 maximum, based on CHFA loan limits.
      • Minimum borrower contribution: $1,000 minimum borrower contribution.
      • Income limit: Up to $148,120 in all Colorado counties.
      • Purchase price limit: $726,200 maximum mortgage loan amount.
      • Site: CHFA Down Payment Assistance

      CHFA SmartStep Plus DPA Loan

      The CHFA SmartStep Plus DPA Loan program gives borrowers who are using an FHA, VA, or USDA loan a down payment assistance option. SmartStep Plus DPA loans are deferred repayment loans that do not need to be repaid until you’ve paid off the mortgage, sold the house, or the home is no longer your primary residence.

      • Eligibility requirements: Home buyers with a credit score of 620 or higher and are buying a house with an FHA, VA, or USDA loan. 
      • Type: Deferred loan
      • Sponsor: Colorado Housing and Finance Association
      • DPA percentage: 4% of mortgage loan.
      • DPA amount:  $29,048 maximum, based on CHFA loan limits.
      • Minimum borrower contribution: $1,000 minimum borrower contribution.
      • Income limit: Up to $148,120 in all Colorado counties.
      • Purchase price limit: $726,200 maximum mortgage loan amount.
      • Site: CHFA Down Payment Assistance

      CHFA SmartStep Plus DPA Grant

      The CHFA SmartStep Plus DPA Grant offers down payment assistance to home buyers using an FHA, VA, or USDA loan. The grant has a slightly lower maximum payout than a CHFA loan, but does not need to be repaid.

      • Eligibility requirements: Home buyers with a credit score of 620 or higher and are buying a house with an FHA, VA, or USDA loan. 
      • Type: Deferred loan
      • Sponsor: Colorado Housing and Finance Association
      • DPA percentage: 3% of mortgage loan.
      • DPA amount:  $21,786 maximum, based on CHFA loan limits.
      • Minimum borrower contribution: $1,000 minimum borrower contribution.
      • Income limit: Up to $148,120 in all Colorado counties.
      • Purchase price limit: $726,200 maximum mortgage loan amount.
      • Site: CHFA Down Payment Assistance

      CHFA FirstStep Plus DPA

      The CHFA FirstStep Plus DPA loan has broad income limits which adjust based on the county where you’re purchasing the home. The wide income limits offer down payment assistance to Colorado buyers in a broader range of financial situations.

      • Eligibility requirements: Home buyers with a credit score of 620 or higher and are buying a house with an FHA, VA, or USDA loan.
      • Type: Deferred loan
      • Sponsor: Colorado Housing and Finance Association
      • DPA percentage: 4% of mortgage loan.
      • DPA amount: $25,888 maximum, based on CHFA loan limits.
      • Minimum borrower contribution: $1,000 minimum borrower contribution.
      • Income limit: Up to $175,560.
      • Purchase price limit: $349,520 – $647,200, based on the county where the home is purchased.
      • Site: CHFA Down Payment Assistance

      CHFA HomeAccess Plus DPA

      The CHFA HomeAccess Plus DPA program offers down payment assistance for people with disabilities to help them get into a home with lower upfront costs, so they have more funds available to pay for accessibility modifications.

      • Eligibility requirements: Disabled home buyers with a credit score of 620 or higher and are buying a house with an FHA, VA, or USDA loan.
      • Type: Deferred loan
      • Sponsor: Colorado Housing and Finance Association
      • DPA percentage: Fixed maximum, no DPA percentage.
      • DPA amount: $25,000
      • Minimum borrower contribution: $500 minimum borrower contribution.
      • Income limit: Up to $175,560.
      • Purchase price limit: $349,520 – $647,200, based on the county where the home is purchased.
      • Site: CHFA Down Payment Assistance

      MetroDPA

      The MetroDPA program is a down payment assistance program that helps home buyers from historically disadvantaged communities overcome initial purchase costs and buy a home with little or no money down out of pocket.

      • Eligibility requirements: Minority home buyers with a credit score of 640 or higher who are purchasing a home in historically redlined neighborhoods in Colorado.
      • Type: Forgivable loan
      • Sponsor: City and County of Denver
      • DPA percentage: 3.5% of mortgage loan.
      • DPA amount: $15,000 or $25,000, based on income.
      • Minimum borrower contribution: No required minimum contribution.
      • Income limit: Up to $176,700
      • Purchase price limit: No purchase price limit.
      • Site: MetroDPA Down Payment Assistance Program

      Chenoa Fund FHA 3.5% Forgivable Loan

      The Chenoa Fund FHA 3.5% Forgivable Loan can be forgiven after 36 consecutive on-time mortgage payments. The forgivable structure of the loan is ideal for helping you buy and own your home for the long-term.

      • Eligibility requirements: Home buyers with a credit score of 600 or higher using an FHA loan. 
      • Type: Forgivable loan
      • Sponsor: Chenoa Fund
      • DPA percentage: 3.5% of mortgage loan.
      • DPA amount: No fixed DPA amount.
      • Minimum borrower contribution: No required minimum contribution.
      • Income limit: 135% of the median income in the area where the home is purchased.
      • Purchase price limit: No purchase price limit.
      • Site: Chenoa Fund FHA Down Payment Assistance Program

      Chenoa Fund FHA 5% Forgivable Loan

      The Chenoa Fund FHA 5% Forgivable Loan is a more robust loan that offers more down payment funds up front, and can also be forgiven after 120 consecutive on-time mortgage payments. The larger DPA percentage is ideal for buyers who live in areas with higher home values.

      • Eligibility requirements: Home buyers with a credit score of 600 or higher using an FHA loan.
      • Type: Forgivable loan
      • Sponsor: Chenoa Fund
      • DPA percentage: 5% of mortgage loan.
      • DPA amount: No fixed DPA maximum.
      • Minimum borrower contribution: No required minimum contribution.
      • Income limit: 135% of the median income in the area where the home is purchased.
      • Purchase price limit: No purchase price limit.
      • Site: Chenoa Fund FHA Down Payment Assistance Program

      Chenoa Fund FHA Repayable Loan

      The Chenoa Fund FHA Repayable Loan is a down payment assistance loan with a set interest rate of 2% above the mortgage loan interest rate and a 10 year repayment term. It helps those who can afford slightly higher monthly payments, and just need a boost for the down payment.

      • Eligibility requirements: Home buyers with a credit score of 600 or higher using an FHA loan.
      • Type: Loan
      • Sponsor: Chenoa Fund
      • DPA percentage: 5% of mortgage loan.
      • DPA amount: No fixed DPA maximum.
      • Minimum borrower contribution: No required minimum contribution.
      • Income limit: 135% of the median income in the area where the home is purchased.
      • Purchase price limit: No purchase price limit.
      • Site: Chenoa Fund FHA Down Payment Assistance Program

      Colorado Housing Enterprises (CHE) DPA Loan

      The Colorado Housing Enterprises (CHE) DPA Loan is a ten-year down payment assistance loan specifically for first-time home buyers. The program has relatively minimal credit requirements and income qualifications tailored to where you are buying your house.

      • Eligibility requirements: First-time home buyers with a credit score of 600 or higher.
      • Type: Loan
      • Sponsor: Colorado Housing Enterprises
      • DPA percentage: Fixed maximum, no DPA percentage.
      • DPA amount: $3,000 to $10,000
      • Minimum borrower contribution: $500 minimum borrower contribution.
      • Income limit: 120% of the median income in the area where the home is purchased.
      • Purchase price limit: No purchase price limit.
      • Site: Colorado Housing Enterprises Lending Programs

      CHAC Deferred DPA Loan, Jefferson County

      The CHAC Deferred DPA Loan offers down payment assistance for buyers purchasing a home in Jefferson Country. The loan requires no payments for the first five years of the mortgage loan, which helps first-time home buyers stabilize their finances before needing to repay their down payment assistance.

      • Eligibility requirements: First-time home buyers purchasing a home in Jefferson County, Colorado.
      • Type: Deferred loan
      • Sponsor: Colorado Housing Assistance Corporation
      • DPA percentage: 6% of mortgage loan.
      • DPA amount: $15,000 maximum.
      • Minimum borrower contribution: $1,500 minimum borrower contribution.
      • Income limit: Up to $178,000.
      • Purchase price limit: Purchase price may not increase buyer’s housing costs beyond 150% of current rental costs.
      • Site: CHAC Mortgage Assistance Programs

      CHAC DPA Loan, Jefferson County

      The CHAC DPA Loan is a down payment assistance loan with a relatively low two percent maximum interest rate. It gives home buyers in Jefferson County access to relatively inexpensive down payment assistance to help manage long-term costs.

      • Eligibility requirements: First-time home buyers purchasing a home in Jefferson County, Colorado.
      • Type: Loan
      • Sponsor: Colorado Housing Assistance Corporation
      • DPA percentage: 6% of mortgage loan.
      • DPA amount: $15,000 maximum.
      • Minimum borrower contribution: $1,500 minimum borrower contribution.
      • Income limit: Up to $178,000.
      • Purchase price limit: Purchase price may not increase buyer’s housing costs beyond 150% of current rental costs.
      • Site: CHAC Mortgage Assistance Programs

      CHAC Deferred DPA Loan, Denver County

      The CHAC Deferred DPA Loan offers a down payment assistance loan to buyers purchasing a home in Denver County. The loan deferment means no payments need to be made for the first five years of the mortgage loan to help transform upfront costs from an obstacle into a steady ramp-up.

      • Eligibility requirements: First-time home buyers purchasing a home in Denver County, Colorado.
      • Type: Deferred loan
      • Sponsor: Colorado Housing Assistance Corporation
      • DPA percentage: 5% of mortgage loan.
      • DPA amount: $15,000 maximum.
      • Minimum borrower contribution: $1,000 minimum borrower contribution.
      • Income limit: Up to $178,000.
      • Purchase price limit: Purchase price may not increase buyer’s housing costs beyond 150% of current rental costs.
      • Site: CHAC Mortgage Assistance Programs

      CHAC DPA Loan, Denver County

      The CHAC DPA Loan gives home buyers in Denver county a low-interest loan option for covering down payment costs. The loan comes at a maximum interest rate of two percent, which can help you snap up your first home with manageable monthly payments.

      • Eligibility requirements: First-time home buyers purchasing a home in Denver County, Colorado.
      • Type: Loan
      • Sponsor: Colorado Housing Assistance Corporation
      • DPA percentage: 5% of mortgage loan.
      • DPA amount: $15,000 maximum.
      • Minimum borrower contribution: $1,000 minimum borrower contribution.
      • Income limit: Up to $178,000.
      • Purchase price limit: Purchase price may not increase buyer’s housing costs beyond 150% of current rental costs.
      • Site: CHAC Mortgage Assistance Programs

      CHAC Deferred DPA Loan, Statewide

      The CHAC Deferred DPA Loan is a down payment assistance loan for Colorado home buyers purchasing a home in counties not covered by the other CHAC programs. This loan has slightly higher down payment assistance maximums to help account for counties with higher average home prices.

      • Eligibility requirements: First-time home buyers purchasing a home in Colorado.
      • Type: Deferred loan
      • Sponsor: Colorado Housing Assistance Corporation
      • DPA percentage: 6% of mortgage loan.
      • DPA amount: $20,000 maximum.
      • Minimum borrower contribution: $1,000 minimum borrower contribution.
      • Income limit: Up to $178,000.
      • Purchase price limit: Purchase price may not increase buyer’s housing costs beyond 150% of current rental costs.
      • Site: CHAC Mortgage Assistance Programs

      CHAC DPA Loan, Statewide

      The CHAC DPA Loan is a low-interest down payment assistance loan that helps home buyers purchase homes outside the counties covered by other CHAC programs. The loan offers a two percent maximum interest rate to help first-time home buyers manage their monthly expenses throughout the life of their mortgage.

      • Eligibility requirements: First-time home buyers purchasing a home in Colorado.
      • Type: Loan
      • Sponsor: Colorado Housing Assistance Corporation
      • DPA percentage: 6% of mortgage loan.
      • DPA amount: $20,000 maximum.
      • Minimum borrower contribution: $1,000 minimum borrower contribution.
      • Income limit: Up to $178,000.
      • Purchase price limit: Purchase price may not increase buyer’s housing costs beyond 150% of current rental costs.
      • Site: CHAC Mortgage Assistance Programs

      Bank of America Home Grant Program for Low-to-Moderate Income Tracts

      The Bank of America Home Grant Program helps buyers purchasing in tracts identified by HUD as low-to-moderate income areas get the down payment funds they need to purchase a home. Grant funds can also be used to cover other closing costs, such as title insurance fees.

      • Eligibility requirements: Colorado home buyers with a credit score of 600 or higher, purchasing in HUD low-to-moderate income areas with a Bank of America-backed mortgage.
      • Type: Grant
      • Sponsor: Bank of America
      • DPA percentage: Fixed maximum, no DPA percentage. 
      • DPA amount: $7,500 maximum.
      • Minimum borrower contribution: No required minimum contribution.
      • Income limit: Income limits are applied based on the area where the home is purchased.
      • Purchase price limit: Mortgage loan amount cannot be more than 80% of the appraised home value.
      • Site: Bank of America Affordable Housing Programs

      Bank of America Down Payment Grant Program for Low-to-Moderate Income Tracts

      The Bank of America Down Payment Grant Program that targets home buyers in HUD low-to-moderate income areas. The grant offers slightly more down payment assistance than other Bank of America programs, but the grant is considered taxable income.

      • Eligibility requirements: Colorado home buyers with a credit score of 600 or higher, purchasing in HUD low-to-moderate income areas with a Bank of America-backed mortgage.
      • Type: Grant
      • Sponsor: Bank of America
      • DPA percentage: 3% of mortgage loan. 
      • DPA amount: $10,000 maximum.
      • Minimum borrower contribution: No required minimum contribution.
      • Income limit: Income limits applied based on the area where the home is purchased.
      • Purchase price limit: Mortgage loan amount cannot be more than 80% of the appraised home value.
      • Site: Bank of America Affordable Housing Programs

      US Bank American Dream Mortgage DPA Loan for Low-to-Moderate Income Tracts

      The US Bank American Dream Mortgage DPS Loan is a simple down payment assistance loan that helps home buyers in Colorado low-to-moderate income areas unlock the door to a new home, even if it’s not your first home. 

      • Eligibility requirements: Home buyers with a credit score of 640 or higher, purchasing in HUD low-to-moderate income areas with a US Bank-backed mortgage. 
      • Type: Loan
      • Sponsor: US Bank
      • DPA percentage: 3% of purchase price.
      • DPA amount: $5,500 maximum.
      • Minimum borrower contribution: $1,000 minimum borrower contribution.
      • Income limit: Equal to or below the median income in the area where the home is purchased.
      • Purchase price limit: Mortgage payments cannot raise your total monthly debt payments above 43% of your monthly income.
      • Site: US Bank Down Payment Assistance Programs

      US Bank American Dream Mortgage DPA Loan

      The US Bank American Dream Mortgage DPS Loan covers home buyers purchasing a home in any part of Colorado. Loan funds can be used to cover any upfront purchase costs, including necessary house repairs and improvements.

      • Eligibility requirements: Colorado home buyers with a credit score of 640 or higher purchasing with a US Bank-backed mortgage.
      • Type: Loan
      • Sponsor: US Bank
      • DPA percentage: 3% of purchase price.
      • DPA amount: $5,500 maximum.
      • Minimum borrower contribution: $1,000 minimum borrower contribution.
      • Income limit: Equal to or below the median income in the area where the home is purchased.
      • Purchase price limit: Mortgage payments cannot raise your total monthly debt payments above 43% of your monthly income.
      • Site: US Bank Down Payment Assistance Programs

      Chase Home Buyer Grant ($2,500)

      The Chase Home Buyer Grant allocates funds to help lower your interest rate, cover fees and closing costs, and apply to your down payment.

      • Eligibility requirements: Borrowers must use a Chase loan, buy homes in eligible areas and qualify for a DreaMakerâ„ , Standard Agency, FHA and VA home purchase mortgage loan product.
      • Type: Grant
      • Sponsor: Chase Bank
      • DPA percentage: No DPA percentage, fixed loan amount.
      • DPA amount: $2,500 fixed loan amount.
      • Minimum borrower contribution: A few words or single sentence
      • Income limit: A few words or single sentence
      • Purchase price limit: A few words or single sentence
      • Site: Chase Bank Homebuyer Assistance Programs

      IDF FirstBank DPA Loan

      The IDF FirstBank DPA loan is a 15-year loan with a fixed 6% interest rate, regardless of the current mortgage interest rates. Even though the loan needs to be repaid, the relatively high loan maximum can help you buy a house with less money financed at market interest rates. 

      • Eligibility requirements: Colorado home buyers with a credit score of 620 or higher. 
      • Type: Loan
      • Sponsor: FirstBank
      • DPA percentage: 20% of purchase price.
      • DPA amount: $30,000 maximum.
      • Minimum borrower contribution: $1,000 minimum borrower contribution.
      • Income limit: 80% of area median family income.
      • Purchase price limit: Mortgage loan cannot be greater than 105% of the purchase price.
      • Site: IDF FirstBank Down Payment Assistance Program

      IDF Alpine Bank DPA Loan

      The IDF Alpine Bank DPA Loan is designed to help buyers purchase a home on a limited income. The loan supplies 15% of the purchase price, with no maximum, which can provide a relatively large infusion of funds that can be used with other Alpine Bank programs for entry-level buyers.

      • Eligibility requirements: First-time buyers with a credit score of 620 or higher who make less than the area median income.
      • Type: Loan
      • Sponsor: Alpine Bank
      • DPA percentage: 15% of purchase price.
      • DPA amount: No fixed amount, loan amount based on purchase price percentage.
      • Minimum borrower contribution: 5% of purchase price.
      • Income limit: 80% of area median family income.
      • Purchase price limit: Mortgage payments cannot raise your total monthly debt payments above 45% of your monthly income.
      • Site: IDF Alpine Bank Down Payment Assistance Program

      City Of Boulder Solution Grant

      The City of Boulder Solution Grant offers down payment funds that do not need to be repaid. The amount of the grant is deducted from the sale price if you sell the home, which is ideal for helping you buy a house you plan on keeping for the long term. 

      • Eligibility requirements: Home buyers in the city of Boulder who make less than the area median income.
      • Type: Grant
      • Sponsor: City of Boulder
      • DPA percentage: 5% of purchase price.
      • DPA amount: No fixed amount, grant amount based on purchase price percentage.
      • Minimum borrower contribution: 1% of the purchase price or $2,000 minimum borrower contribution.
      • Income limit: 10% over HUD low-income limit.
      • Purchase price limit: Mortgage payments cannot raise your total monthly debt payments above 45% of your monthly income.
      • Site: City of Boulder Down Payment Assistance Programs

      City Of Boulder H2O Loan

      The City of Boulder H2O Loan offers a substantial loan, which acts as a second loan in support of a primary mortgage loan. No loan payments are required for the first 15 years of the loan so that your down payment assistance doesn’t cause an initial monthly expense shock.

      • Eligibility requirements: Home buyers in the city of Boulder who have not owned a home within the last three years.
      • Type: Loan
      • Sponsor: City of Boulder
      • DPA percentage: No DPA percentage, fixed loan maximum.
      • DPA amount: Up to $100,000.
      • Minimum borrower contribution: $2,000 minimum borrower contribution.
      • Income limit: 120% of HUD area median income.
      • Purchase price limit: Mortgage payments cannot raise your total monthly debt payments above 45% of your monthly income.
      • Site: City of Boulder H2O Down Payment Assistance Program

      National down payment assistance programs and grants you can use in Colorado

      Bank of America Home Grant Program

      The Bank of America Home Grant Program helps home buyers all over Colorado cover down payment and initial closing costs with grant funds that do not need to be repaid.

      • Eligibility requirements: Colorado home buyers with a credit score of 600 or higher, purchasing with a Bank of America-backed mortgage.
      • Type: Grant
      • Sponsor: Bank of America
      • DPA percentage: Fixed maximum, no DPA percentage. 
      • DPA amount: $7,500 maximum.
      • Minimum borrower contribution: No required minimum contribution.
      • Income limit: Income limits applied based on the area where the home is purchased.
      • Purchase price limit: Mortgage loan amount cannot be more than 80% of the appraised home value.
      • Site: Bank of America Affordable Housing Programs

      Bank of America Down Payment Grant Program

      The Bank of America Home Grant Program helps Colorado home buyers all with a relatively large down payment grant. The grant itself does not need to be repaid, but the funds are considered taxable income.

      • Eligibility requirements: Colorado home buyers with a credit score of 600 or higher, purchasing with a Bank of America-backed mortgage.
      • Type: Grant
      • Sponsor: Bank of America
      • DPA percentage: 3% of mortgage loan. 
      • DPA amount: $10,000 maximum.
      • Minimum borrower contribution: No required minimum contribution.
      • Income limit: Income limits applied based on the area where the home is purchased.
      • Purchase price limit: Mortgage loan amount cannot be more than 80% of the appraised home value.
      • Site: Bank of America Affordable Housing Programs

      NHF Down Payment Assistance Program

      The NHF Down Payment Assistance Program is a forgivable loan that can be forgiven if the home is your primary residence for a specified number of years. How long you must live in the home to have the loan forgiven is determined at closing. 

      • Eligibility requirements: Colorado home buyers with a credit score of 600 or higher.
      • Type: Forgivable loan
      • Sponsor: National Homebuyer Fund
      • DPA percentage: 5% of mortgage loan. 
      • DPA amount: No fixed maximum.
      • Minimum borrower contribution: No required minimum contribution.
      • Income limit: 115% of median income in the area where the home is purchased.
      • Purchase price limit: Flexible purchase price limit based on buyer’s income.
      • Site: NHF Down Payment Assistance Program

      Colorado first-time home buyer FAQ

      Here’s a quick round of answers to your most common questions about being a first-time home buyer in Colorado. 

      Does Colorado have a first-time buyers program?

      Yes, Colorado has first-time buyers programs sponsored by several organizations ranging from housing and finance associations to commercial banks. The variety of Colorado first-time home buyers programs serve home buyers with a broad range of financial needs and can be used in conjunction with almost any type of loan.

      How to buy a house for the first-time in Colorado?

      To buy a house for the first-time in Colorado, start by taking a home buyer education class, getting your credit score, and calculating your yearly income. With that information, you can use Stairs to find out which down payment assistance programs you qualify for and connect with a lender who can help you apply. 

      What is the minimum down payment in Colorado?

      The minimum down payment in Colorado depends on what type of mortgage loan you get and the lender’s requirements. Typical conventional home loans require a down payment of three to five percent of the loan amount, and FHA loans require a minimum down payment of 3.5 percent.

      Can you get Biden first-time home buyer assistance in Colorado?

      Yes, you can get Biden first-time home buyer assistance in Colorado once the bill is passed into law. The Biden $25,000 Downpayment Toward Equity Act of 2021 and Biden’s First-Time Homebuyer Tax Credit are both waiting to become law. These are federal programs, so they are available in all states, including Colorado.

      What types of Colorado first-time home buyer assistance are there?

      The main types of Colorado first-time home buyer assistance are loans and grants. Grants do not need to be repaid. Home buyer assistance loans are often structured to make them easier for first-time buyers to repay. This includes deferred repayment loans which do not need to be repaid until the buyer sells the house.

      What are the Colorado first-time home buyer income limits?

      Colorado first-time home buyer income limits vary from one down payment assistance program to another. Most down payment assistance programs base their income limits on where the home is purchased, since median incomes vary from county to county and even city to city.

      What are the first-time home buyer requirements in Colorado?

      The first-time home buyer requirements in Colorado typically include:

      • A contribution toward the purchase costs (commonly $1,000)
      • A minimum credit score (usually 600 to 640)
      • Purchasing your first home (or haven’t owned a home within a certain timeframe)

      There may be additional requirements for your specific program.  

      How to qualify for Colorado first-time home buyer programs?

      Broadly speaking, to qualify for Colorado first-time home buyer programs you just need to be purchasing your first home. In some rare cases, such as having a credit score lower than 600 or an exceptionally high income, you may not qualify for certain programs. However, there are programs that cover most situations.

      Find out which programs you qualify for

      Stairs Financial streamlines your access to down payment assistance, making it easy for you to connect with a trusted lender and compare the loan and assistance programs you may qualify for, all in one place.

      Learn more about your down payment assistance options.

      Find up to $15,000 towards a home 🏠

      Compare local down payment assistance and find a mortgage, fast.

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