Colorado Down Payment Assistance Programs

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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 Programs

CHFA Participating Lender Badge

No Down Payment Disclaimer: Closing cost and fees may still apply. Down Payment Assistance Disclaimer: First lien interest rates may be higher when using DPA second.

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: $150,000

  • 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:

Cities and Towns: Arvada, Aurora, Bennett, Berthoud, Boulder, Brighton, Broomfield, Castle Rock, Centennial, Commerce City, Dacono, Deer Trail, Denver, Edgewater, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Frederick, Golden, Greeley, Highlands Ranch, Keensburg, Lakewood, Littleton, Lochbuie, Lone Tree, Longmont, Mead, Northglenn, Parker, Platteville, Sheridan, Superior, Thornton, Watkins, Westminster, Wheat Ridge

Counties: Adams County, Arapahoe County, Boulder County, Broomfield County, Denver County, Douglas County, Jefferson County, Larimer County

Counties are for the unincorporated area outside of city limits.

No Down Payment Disclaimer: Closing cost and fees may still apply. Down Payment Assistance Disclaimer: First lien interest rates may be higher when using DPA second.

Forgivable Down Payment Assitance (DPA) Loan:

  • 0% Interest

  • 30-year deferred Second Mortgage, due upon sale or refinance

  • 50% of the Second Mortgage Amount forgiven pro rata over the first five years (60 months) at 1/60th per month.

  • Remaining 50% of the Second Mortgage Amount will be forgiven at the end of the 30-year period/maturity date of the first mortgage.

Program Size: First & Second Mortgage funds currently are “Continuously Available”

The Program mortgage rates will change periodically to stay competitive with the market and generally are slightly above the market rate. Interest rates are subject to change at any time and will be confirmed by your lender at the time of loan reservation.

Eligible Loan Types: Eligible loans include Government loans (FHA, VA, and USDA) and Freddie Mac-eligible Conventional loans. All Program First Mortgage loans are 30-year, fixed rate. No loans are available for manufactured housing, and refinance loans are not permitted.

Homebuyer Eligibility Criteria:

  • Maximum qualifying income: $120,120 for Government loan products / $64,640 for Freddie Mac loan products

  • 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

  • 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

Homebuyer Education:

All homebuyers are encouraged to receive homebuyer education, however, first-time homebuyers utilizing the Freddie Mac HFA Advantage Conventional Loan will be required to complete homebuyer education. The free course, Freddie Mac CreditSmart – Steps to Homeownership Tutorial must be completed by at least one borrower. The course may also be conducted by a HUD-approved counseling agency, including online HUD-approved non-profits using eHomeAmerica (Neighborworks based curriculum).

Eligible Purchase Area:

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

El Paso County Colorado Badge

El Paso County Turnkey Plus

No Down Payment Disclaimer: Closing cost and fees may still apply. Down Payment Assistance Disclaimer: First lien interest rates may be higher when using DPA second.

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, 115% AMI in Arvada when using the Arvada program) first-time homebuyers 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. 


As a buyer, your first step must be attendance at a CHFA/CHAC approved First Time Home Buyer class. That class is a requirement for all CHAC borrowers.

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 all sources of income and assets for all persons over 18 intending to occupy the home

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

No Down Payment Disclaimer: Closing cost and fees may still apply. Down Payment Assistance Disclaimer: First lien interest rates may be higher when using DPA second.

VA Loan Programs

VA Loans are great for veterans who are first-time homebuyers 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

No Down Payment Disclaimer: Closing cost and fees may still apply. Down Payment Assistance Disclaimer: First lien interest rates may be higher when using DPA second.

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

No Down Payment Disclaimer: Closing cost and fees may still apply. Down Payment Assistance Disclaimer: First lien interest rates may be higher when using DPA second.

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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. Texas - This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. 

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Primary Residential Mortgage, Inc. is licensed under the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking through one of the means indicated below: In Person or U.S mail: 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294, Telephone No. (877) 276-5554, Fax No: (512)475-1313 Email: Website:

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