Get help with your down payment and closing costs

The main statewide source is CHFA (Colorado Housing and Finance Authority). CHFA offers a grant of up to 3% of the first mortgage (max $25,000, no repayment) or a deferred second mortgage of up to 4% (max $25,000). You can use one, not both, and both come with a higher first-mortgage rate. Many counties and cities, including in the Denver metro, run their own programs as well.

It depends on the program. Grants don't need to be repaid, though CHFA's grant comes with a higher first-mortgage rate. Forgivable second mortgages are forgiven after you live in the home for a set period. Deferred-payment second mortgages are repaid when you sell, refinance or move out. We'll explain the repayment terms of each program you qualify for before you choose.

CHFA income limits vary by program, county and household size. For example, the CHFA SmartStep statewide limit is currently $174,440. Some local programs have lower limits aimed at moderate-income buyers. Limits change periodically, so we'll confirm the current limits for your county and household.

Yes. Most Colorado DPA programs are designed to pair with an FHA, conventional or VA first mortgage. For example, an FHA loan with 3.5% down could be paired with assistance that covers some or all of that down payment. We'll structure the combination that fits your situation, subject to program and credit approval.

Not always. CHFA FirstStep is limited to first-time buyers (no ownership in the past three years), qualified veterans, or buyers in targeted areas, while CHFA SmartStep is open to repeat buyers. Local programs set their own rules.

CHFA's grant provides up to 3% of the first mortgage and its deferred second mortgage up to 4%, each capped at $25,000. First-generation buyers and buyers with permanent disabilities can get up to $25,000 regardless of the percentage. Local programs set their own amounts, and in some cases can be combined with CHFA assistance.