Colorado Down Payment Assistance Programs

What is CHFA?

Colorado Housing and Finance Authority (CHFA) offers affordable home purchase and refinance loans as wells as grants and second mortgage loans for down payment and closing cost assistance through their network of approved Colorado lenders.

CHFA Loan Programs

CHFA  Down Payment Assistance Grant*
 

• Up to 3% of your first mortgage loan amount 

• No repayment required

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CHFA Down Payment Assistance Second Mortgage Loan*
 

• Up to 4% of your first mortgage loan amount 

• Repayment deferred until certain events, such as payoff of first mortgage loan, sale or refinance of your home, or if home no longer owner-occupied

CHFA Program Requirements

Borrowers must qualify according to our underwriting guidelines and meet these general requirements: 

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• Have a mid-credit score of 620 or higher (based on program requirements) 

• Total borrower(s) income must not exceed CHFA’s income limits 

• All borrowers must attend a CHFA-approved home buyer education class (purchase only) 

• Make a minimum required investment of $1,000 toward the purchase of the home

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CHFA mortgage programs are available to first-time and non-first-time Colorado home buyers... 

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• 30-year, fixed-rate government (FHA) and Conventional mortgage loans to purchase or refinance a home 

• Down payment assistance grants and second mortgage loans for down payment and/or closing cost assistance (purchase only)

*CHFA down payment assistance can only be used when paired with a first mortgage loan under a CHFA program. Higher interest rates apply. First lien interest rates may be higher when using a DPA second.

metroDPA Program Requirements

metroDPA is a wonderful down payment assistance program for low and moderate-income individuals and families located in and around the Denver Metro Area. They offer up to 5% down payment assistance to Colorado home buyers...

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• No First-Time buyer requirement 

• Must be Principal Residence 

• Must occupy within 60 days of closing 

• Household Income Limit: $139,200  

• Minimum 660 credit score for FHA, USDA, VA (Minimum 640 credit score for Conventional)

• Required homebuyer education - HUD Approved or CHFA

metroDPA Eligible Loan Types

• FHA, VA, USDA-RD 

• Freddie Mac HFA Advantage

metroDPA Eligible Areas

• The incorporated areas of the City and County of Denver

• The incorporated areas in the City of Arvada, City of Aurora, City of Boulder, City of Brighton, City of Broomfield, City of Centennial, City of Commerce City, City of Dacono, City of Edgewater, City of Englewood, City of Federal Heights, City of Golden, City of Greeley, City of Lakewood, City of Littleton, City of Lone Tree, City of Longmont, City of Northglenn, City of Parker, City of Sheridan, City of Thornton, City of Westminster, City of Wheat Ridge 

• The incorporated areas in the Town of Bennett, Town of Firestone, Town of Lochbuie, Town of Superior, Town of Castle Rock, Town of Erie. 

• The unincorporated areas in Arapahoe, Boulder, Douglas and Jefferson Counties.