Down Payment Assistance Programs in Colorado (2026 Guide)

# Down Payment Assistance Programs in Colorado (2026 Guide) Saving for a down payment is one of the biggest hurdles for first-time home buyers. Fortunately, Colorado offers 2 assistance programs that can help you achieve homeownership sooner than you thought possible. ## Colorado Housing Agency All state DPA programs are administered by Colorado Housing and Finance Authority (CHFA). **Contact Information:** - Website: [https://www.chfainfo.com](https://www.chfainfo.com) - Phone: 303-297-2432 ## Available Programs Colorado offers 2 major down payment assistance programs: ### CHFA Down Payment Assistance Grant | Feature | Details | |---------|---------| | Maximum Assistance | Up to 3% of first mortgage ($25,000 max) | | Program Type | Grant | | Description | No repayment required. Must complete homebuyer education. | ### CHFA Second Mortgage | Feature | Details | |---------|---------| | Maximum Assistance | Up to 4% ($25,000 max) | | Program Type | Forgivable Loan | | Description | Forgivable over time. Requires 1% contribution from own funds. | ## How to Apply ### Step 1: Check Your Eligibility Most programs require: - First-time homebuyer status (no home ownership in past 3 years) - Income at or below program limits - Minimum credit score (usually 620-640) - Home price within program limits ### Step 2: Complete Homebuyer Education All CHFA programs require completion of a HUD-approved homebuyer education course. This prepares you for the responsibilities of homeownership. ### Step 3: Work with an Approved Lender CHFA maintains a list of approved lenders trained in their programs. These lenders can help you combine DPA with your mortgage. ### Step 4: Find Your Home Once pre-approved, work with a real estate agent to find a home within program price limits. ## Combining with Your Mortgage Down payment assistance can be layered with various loan types: | Loan Type | Min Down | With CHFA DPA | |-----------|----------|--------------------------| | FHA | 3.5% | DPA covers most or all | | Conventional | 3-5% | DPA covers most or all | | VA | 0% | DPA for closing costs | | USDA | 0% | DPA for closing costs | ## Real Cost Savings With Colorado's median home price of $582,000: | Scenario | Down Payment Needed | With Max DPA | |----------|--------------------|--------------| | FHA (3.5%) | $20,370 | Potentially $0 | | Conventional (5%) | $29,100 | Significantly reduced | | Conventional (20%) | $116,400 | Reduced by DPA amount | ## Conclusion Don't let down payment concerns keep you from homeownership. Colorado's DPA programs have helped thousands of first-time buyers achieve their dream. Contact CHFA today to learn which programs you qualify for. Use our [Colorado Mortgage Calculator](/mortgage-calculator/colorado) to see how DPA affects your monthly payment. --- *Source: Colorado Housing and Finance Authority. Program details subject to change. Contact CHFA for current requirements.*