Colorado Down Payment Assistance Programs

There are multiple options for Colorado homebuyers when it comes to down payment assistance programs. Security First Financial provides a great selection of down payment assistance loan products, including CHFA, metroDPA, El Paso County Turnkey Plus, and CHAC Down Payment Assistance. As one of the top-producing down payment assistance lenders in Colorado, we're here to help you get started or assist you with any questions you may have.

Down Payment Assistance Grant*: 

  • Up to 3% of your first mortgage**

  • No repayment required

Second Mortgage Loan*: 

  • Up to 4% of your first mortgage**

  • Repayment of loan balance deferred until certain events, such as payoff of your first mortgage, or the sale or refinance of the home. 

The following are some of CHFA’s general home purchase and refinance loan program requirements:

  • All borrowers have a mid-credit score of 620 or higher

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

  • Attend a CHFA-approved homebuyer education class (in person or on-line) prior to loan closing (purchase only)

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

 ​​* Higher interest rates apply

**For a 30-year, fixed-rate loan

CHFA Participating Lender Badge

CHFA Programs

metroDPA Down Payment Assistance

metroDPA Down Payment Assistance Logo

 ​Forgivable Down Payment Assistance Loan:

  • 0% Interest

  • 30-year Second Mortgage

  • No repayment as long as you remain in your home, do not refinance, and make three years of mortgage payments.

Eligibility Criteria:

  • No First-Time buyer requirement

  • Must be Principal Residence

  • Must occupy within 60 days of closing

  • Household Income Limit: $134,850

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

  • Required homebuyer education - HUD Approved or CHFA

Eligible Loan Types:


  • Freddie Mac HFA Advantage


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 and County 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 Lakewood, City of Littleton, City of Lone Tree, City of Northglenn, City of Parker, City of Sheridan, City of Thornton, City of Westminster, City of Wheat Ridge, Town of Bennett, Town of Firestone, Town of Castle Rock, Town of Erie, Town of Superior

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

 Forgivable Down Payment Assistance Loan:

  • 0% Interest

  • 30-year deferred Second Mortgage

  • 60% of the Second Mortgage Amount forgiven pro-rata over the first five years (60 months) at 1/60th per month.

  • The remaining 40% of the Second Mortgage Amount will be forgiven at the end of the 30-year period/maturity date of the first mortgage.

Homebuyer Eligibility Criteria:

  • Maximum Household Income (1 or more persons): $120,120

  • Maximum Home Purchase Price: None

  • Maximum debt-to-income (DTI) ratio of 45% for Government loan products

  • Maximum debt-to-income (DTI) ratio of 50% for Freddie Mac loan product

  • Minimum 640 credit score with 4% DPA loan

    • FHA loan: Credit scores between 640-659 will receive a 3.5% DPA loan

  • Because this is not a “bond” program, there is no first-time homebuyer requirement nor federal recapture tax under the El Paso County “Turnkey Plus” Program

Eligible Purchase Area:

Mortgage loans under the program may be made to qualifying borrowers throughout El Paso County, including Colorado Springs.

El Paso County Colorado Badge

El Paso County Turnkey Plus

CHAC Down Payment Assistance Program
CHAC Colorado Housing Assistance Corporation Logo
CHAC provides low interest, flexible loans to low and moderate-income (80% AMI in most areas, 100% AMI in Arvada when using the Arvada program) first-time home buyers for down payment and closing cost assistance throughout Colorado. The loan is recorded as a second mortgage (lien) on the property being purchased. All of the loans require repayment, usually with monthly payments, although the start date of those payments may vary. All borrowers are required to have a minimum contribution of $1,000 (minimum contribution for the disability program is $750.00) to the transaction that cannot be a gift. Exceptions may apply.


Applications for CHAC assistance will be submitted by your first mortgage lender. We will communicate primarily through that person but are available to answer any questions about the CHAC loan you may have.


Once CHAC has reviewed the initial application from your lender, there will be several documents and disclosures for you to sign and return to us. These will include a description of the CHAC loan—the amount, terms, and fees. You will also be asked to certify other information such as:


Borrower Eligibility Criteria & Requirements:

  • An additional borrower counseling session with CHAC is required prior to closing

  • You must provide at least $1,000 ($750 for disability program) to the purchase transaction

  • You may NOT get any money back at closing

  • This loan will be a mortgage on your home

  • This loan will be serviced by Colorado Housing Assistance Corporation (CHAC)

  • You may prepay the CHAC loan at any time without penalty

  • If you are not living in the home, the FULL amount of the outstanding loan plus interest will be due and payable immediately.

  • If the first mortgage is paid off or otherwise released, (including a refinance), the CHAC loan will be due in full.

  • Have not had an ownership interest in a principal residence for three (3) years prior to the loan closing date

  • Intend to occupy this property as your primary residence

  • Do not own other residential property

  • Have given full disclosure of income and assets for all persons intending to occupy the home

  • Have provided proof of legal residency for all members of the household-if requested

VA Loan Programs

VA Loans are great for veterans who are first-time home buyers with limited savings for down payments and closing costs. They are also great for purchasing or refinancing in high-cost areas.




With a VA loan, the borrower must be a qualifying active duty member of the U.S. military, veteran, or surviving spouse. A Certificate of Eligibility (COE) is required. 


You might be eligible if:

  • You served 90+ days active duty during wartime

  • You served 180+ days active duty during peacetime

  • You were not dishonorably discharged

  • You are currently active duty

  • You are the surviving spouse of a veteran who died during service or because of service-related injuries and are not remarried

Rural Housing (USDA) Loan

The USDA determines what “rural” means, and that varies widely by state. But if you’re eligible, you can qualify for lower monthly payments and you don’t need money for a down payment. You’ll also spend less time in traffic driving to the closing.

Click here to check property eligibility


  • Down Payment: None

  • Terms: 30 years, fixed

  • Credit Score: 620 Minimum

  • Mortgage Insurance: Yes

  • Maximum Loan Limit: Yes, varies by county

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Security First Financial is a division of Primary Residential Mortgage, Inc. PRMI NMLS 3094. Branch NMLS ID# 385589. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Colorado – Regulated by the Division of Real Estate, UCCC #987701-016. Arizona – Arizona Department of Financial Institutions 0902614. Massachusetts – Licensed by the Massachusetts Division of Banks as a Broker and Lender as #MC3094. Florida - Florida Office of Financial Regulation MLD646.

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