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Down Payment Assistance in Colorado: State and City Programs
Colorado buyers can potentially combine a first mortgage with assistance from the Colorado Housing and Finance Authority (CHFA), or with a city program such as Denver-area metroDPA or the City of Colorado Springs. Availability, funding, and eligibility vary by program and change without notice.
Colorado down payment assistance is primarily offered through CHFA, the state housing finance authority, and separately through city programs such as metroDPA in the Denver metro area and Colorado Springs' homebuyer assistance program. Programs pair a grant or second mortgage with an FHA or conventional first loan, and each sets its own income limits, credit minimums, and funding cycle that can pause when the year's allocation is spent.
- ✓CHFA runs statewide down payment assistance layered with a CHFA first mortgage (FHA or conventional).
- ✓Denver-metro and Colorado Springs run their own separately funded city programs.
- ✓Assistance is typically a grant or a second mortgage — not unconditional cash with no conditions.
- ✓All programs are subject to funding availability, income limits, and change without notice.
- ✓Simply Approved Mortgages is not affiliated with CHFA or any Colorado city housing agency.
What this means for you: check CHFA statewide as well as any city program tied to the specific address you are buying, because eligibility differs by location.
Written by
Simply Approved Mortgages Team
Licensed Loan Officers · NMLS# 2620881
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Complete the short request and a Simply Approved Mortgages Loan Officer sends back a written summary built from your own numbers: estimated payment breakdown, estimated cash to close, the loan structures that fit your file, and what documentation the file will need.
- Estimated monthly payment with taxes and insurance
- Estimated cash to close for your scenario
- Loan options your profile may fit
- Document checklist for your file
Takes about 3 minutes · Summary shown on screen and emailed to you
Illustration only, generated from the information you enter. Not a rate quote, lock, loan estimate, pre-qualification, offer, approval, or commitment to lend. Figures are subject to credit, income, asset and property review and full lender underwriting; binding numbers appear on your Loan Estimate.
Scenario summary
- Purchase price entered
- $412,000
- Down payment entered
- $20,600
- Estimated loan amount
- $391,400
- Estimated cash to close
- $14,300
- Programs reviewed
- 4
Sample layout with example figures — your own numbers replace these. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
How down payment assistance works in Colorado
Colorado down payment assistance comes from more than one source. The Colorado Housing and Finance Authority (CHFA) runs statewide programs, while several cities operate their own locally funded programs on top of that. Each source sets its own income limits, minimum credit score, funding cycle, and property location rules. A program open today can pause new reservations once its yearly allocation is committed, and reopen later with new funding.
Nearly all Colorado assistance is designed to layer with a first mortgage rather than stand alone — typically an FHA or conventional loan through the same agency offering the assistance.
CHFA statewide programs
- CHFA FirstStep — a 30-year fixed FHA first mortgage paired with either a CHFA DPA Grant of up to roughly 3% of the first-mortgage amount, or a CHFA Second Mortgage Loan of up to roughly 4%, structured as a 0% deferred loan.
- CHFA Preferred — a conventional (Fannie Mae) first-mortgage option with reduced mortgage insurance, also pairable with a CHFA DPA Grant or Second Mortgage Loan.
CHFA programs generally require the buyer to close on a CHFA-approved first mortgage, meet income limits that vary by county, and often complete a homebuyer education course. First-time buyer status is required for some CHFA products and not others. Confirm current terms and open funding status directly at chfainfo.com.
Denver-metro program: metroDPA
The City and County of Denver's metroDPA program has historically offered a forgivable grant of up to roughly 5% of the loan amount for buyers purchasing in the Denver-metro region, layered with an FHA, VA, USDA, or conventional first mortgage. This program is separate from CHFA and has its own income limits and participating-lender requirements. Verify current details at the program's own site before relying on any specific figure.
City of Colorado Springs
Colorado Springs has offered its own homebuyer assistance, historically structured as a 0% deferred-payment second mortgage repaid at sale or refinance, for qualified low- to moderate-income first-time buyers purchasing inside city limits. This is a separately funded local program, distinct from CHFA and metroDPA.
What every Colorado program has in common
- A minimum credit score, commonly in the 620–640 range depending on the specific program.
- An income ceiling tied to area median income (AMI) that varies by county and household size.
- A recorded second mortgage or grant agreement with its own repayment or forgiveness terms.
- A funding cycle that can pause new reservations once the year's allocation is committed.
- A requirement to also close on a specific first-mortgage type or program-approved lender network.
Want these numbers built around your file?
A short request is all it takes to get a written scenario summary back from a Simply Approved Mortgages Loan Officer. Binding figures appear on your Loan Estimate.
How to check what you actually qualify for
Because eligibility depends on your county, income, credit, and property address, the only reliable way to know what applies to you is to verify directly with CHFA or the relevant city program and to have your file reviewed against current guidelines. A Simply Approved Mortgages Loan Officer can review your income and credit profile against published program rules and tell you honestly which combinations are realistic right now.
Program availability changes constantly — verify before you rely on any number
Assistance amounts, income limits, and whether a program is accepting new applications can change with little notice as agencies receive and spend their annual allocations. Nothing on this page is a promise that funds are currently available, that you will be approved, or that a specific dollar amount will be offered to you. Simply Approved Mortgages LLC is not affiliated with CHFA, the City and County of Denver, the City of Colorado Springs, or any other housing finance agency named on this page. We are a mortgage broker, NMLS# 2620881, licensed in Florida and Colorado.
Rates, payments, and program figures on this page are illustrative and not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate.
How Colorado down payment assistance is actually structured
Assistance dollars in Colorado come with strings attached — repayment terms, income limits, and layering rules that determine whether the help is worth taking.
| What it is | How it actually works | Published by |
|---|---|---|
| CHFA second-mortgage assistance | Colorado Housing and Finance Authority offers down payment and closing cost assistance structured as a second loan alongside a CHFA first mortgage, subject to CHFA income and purchase price limits published annually. | Colorado Housing and Finance Authority |
| Repayment structure varies by program | Some Colorado assistance products are deferred with no monthly payment until sale, refinance, or payoff of the first mortgage; others amortize alongside the first loan. The structure is set by the specific program, not standardized statewide. | Colorado Housing and Finance Authority |
| First-time buyer definitions | Many local and CHFA programs define a first-time buyer as someone who has not owned a home in the prior three years, which allows previous owners to qualify again after that gap. | Colorado Housing and Finance Authority |
| Homebuyer education requirement | CHFA and most municipal assistance programs require completion of an approved homebuyer education course before closing. | Colorado Housing and Finance Authority |
| Layering with the first mortgage program | Assistance funds must be compatible with the first mortgage’s program rules; FHA, VA, USDA, and conventional loans each treat subordinate financing and minimum borrower contribution differently. | Fannie Mae Selling Guide |
| City and county programs stack differently | Denver, Colorado Springs, Boulder County, and other local jurisdictions run their own assistance funds with independent income limits, area median income thresholds, and service-area restrictions, separate from CHFA. | Colorado Division of Real Estate, Department of Regulatory Agencies |
| Area median income limits | Eligibility for most Colorado assistance programs is tied to a percentage of area median income published annually by HUD, which varies significantly between metro Denver, mountain resort counties, and rural counties. | U.S. Department of Housing and Urban Development, Handbook 4000.1 |
| Recapture and lien position | Assistance recorded as a second lien affects combined loan-to-value calculations and must be disclosed and resolved at closing; some programs carry recapture provisions if the home is sold or refinanced within a specified period. | Colorado Housing and Finance Authority |
Program parameters above are published by the agencies and enterprises named in the right-hand column and can change. They describe program rules, not an offer; eligibility, terms, conditions, and availability vary by borrower, property, lender, loan program, and state, and all loans are subject to lender underwriting and approval.
Why a no-strings-grant mindset is the wrong way to think about this
Colorado down payment assistance is real and helps thousands of buyers close deals they could not otherwise afford, but almost none of it is a grant with no strings. Most assistance is a second mortgage — deferred, forgivable over time, or fully repayable — recorded against the property. Understanding which structure applies to a specific program changes how a buyer should think about it: a deferred, forgivable second that only comes due on sale behaves very differently from one that adds a real monthly payment to the household budget.
CHFA versus local city and county programs
CHFA is the statewide backbone, running down payment assistance in tandem with its own first-mortgage products and applying uniform income and purchase price limits published annually. Layered on top of that, individual cities and counties — Denver, Boulder, Colorado Springs, and various mountain resort counties among them — run their own funds, often targeted at specific workforce categories or neighborhoods, with separate income limits tied to local area median income. A buyer working with a knowledgeable loan officer should ask which programs apply specifically to the property’s jurisdiction, since city-level programs are not automatically visible through a statewide search.
Check where pricing sits before you decide
Review current rate context, then start a request so your own credit, income, and property details drive the numbers. Illustrative only — not a quote or commitment to lend.
How assistance interacts with your first mortgage
Every first-mortgage program treats subordinate financing differently. FHA and conventional loans generally allow instructor-approved down payment assistance seconds as long as combined loan-to-value stays within program limits and the assistance source is an eligible entity. VA loans do not require a down payment at all, so assistance there typically covers closing costs rather than a required down payment. USDA loans, which also do not require a down payment, similarly route assistance toward closing costs. Coordinating the first-mortgage program with the specific assistance product early avoids discovering an incompatibility during underwriting.
What documentation Colorado assistance programs typically require
Because assistance programs verify both borrower eligibility and program compliance, expect more documentation than the mortgage alone requires.
| Type of income or evidence | How it is documented | Why it works for this product |
|---|---|---|
| Household income for program limits | Full income documentation for all household members, not just those on the loan, since area median income limits are often household-based. | Assistance eligibility is tied to household income relative to published area median income figures, which can differ from mortgage qualifying income. |
| First-time buyer status | Signed affidavit and, where required, tax returns or a title search showing no home ownership in the qualifying look-back period. | Most programs restrict eligibility to buyers who have not owned in the recent past. |
| Homebuyer education certificate | Certificate of completion from a HUD-approved or CHFA-approved counseling agency or online course. | CHFA and most local programs require it as a condition of the assistance funds. |
| Occupancy commitment | Signed statement that the property will be the borrower’s primary residence, often with a minimum occupancy period. | Assistance programs exist to support owner-occupants, and violating the commitment can trigger repayment. |
Documentation requirements vary by lender, program, and file. The list above describes what underwriting commonly accepts, not a determination about your income or your approval.
Colorado assistance options compared
The right program depends on where the property sits and how the buyer wants the second lien to behave.
| Option | Usually the better choice when | What you give up |
|---|---|---|
| CHFA down payment assistance grant/second | You are using a CHFA first mortgage statewide and want a standardized, well-established program. | Tied specifically to CHFA’s own first-mortgage products and its income/price limits. |
| City or county assistance fund | The property is in a jurisdiction like Denver or Boulder County with its own targeted fund. | Often has narrower service-area or workforce eligibility and separate paperwork from CHFA. |
| Employer-assisted or nonprofit down payment programs | You work for an employer or in a profession with a dedicated assistance partnership. | Availability is limited and terms vary by sponsor. |
| No assistance, saved down payment | You can fund the down payment independently and want to avoid a second lien and its restrictions. | Requires more cash up front but avoids recapture or occupancy restrictions tied to assistance funds. |
How this applies in Florida and Colorado
Florida. This program is Colorado-specific; Florida buyers should review the separate Florida down payment assistance resources, since Florida’s programs run through different agencies with their own income limits and repayment structures.
Colorado. In Colorado, the practical starting point is CHFA’s statewide programs layered with a check of city or county funds specific to the property’s location — Denver, Boulder County, and several mountain resort communities run independent programs with their own income limits tied to local area median income, which can differ meaningfully from the statewide figure given how much local incomes and home prices vary between the Front Range and resort counties.
Simply Approved Mortgages LLC arranges residential mortgage loans in Florida and Colorado, so the two applications above are the ones we can act on for a consumer file. Business-purpose loan products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.
How to pursue down payment assistance in Colorado
Assistance programs have their own timelines that need to run parallel to the mortgage process.
- Identify programs by property location. Confirm which state, county, and city programs apply to the specific address, since eligibility is often jurisdiction-specific.
- Check income and first-time buyer eligibility. Compare household income against published area median income limits for each program under consideration.
- Complete homebuyer education. Finish an approved course early, since certificates typically have to be in hand before or at closing.
- Select a compatible first-mortgage program. Confirm the first mortgage type accepts the specific assistance structure you are pursuing.
- Apply for assistance alongside the mortgage. Submit assistance program applications in parallel with the loan application, since timelines and reservations of funds can be limited.
- Review the second-lien terms carefully. Understand whether the assistance is deferred, forgivable, or amortizing, and what triggers repayment.
- Close with all liens disclosed. Confirm the assistance second appears correctly on the Closing Disclosure and title commitment.
Get a written summary of your options
Tell us the scenario you are working on and a Simply Approved Mortgages Loan Officer reviews it against real program guidelines, with no obligation.
Mistakes that cost people money on this
- Assuming down payment assistance is a grant when the specific program is actually a repayable second mortgage.
- Not checking whether city or county programs exist for the specific property address.
- Choosing a first-mortgage program before confirming it accepts the intended assistance structure.
- Delaying homebuyer education until late in the process when it is a closing prerequisite.
- Overlooking recapture provisions that trigger repayment if the home sells within a set period.
- Comparing programs only by down payment amount without reading repayment terms.
Is this the right move for your situation?
The honest answer depends on the file. These are the patterns we see on both sides.
Usually a good fit when
- You qualify under a program’s area median income limit and plan to occupy the home long-term.
- You are working with a first mortgage program compatible with the assistance structure.
- You have completed or are willing to complete required homebuyer education early.
Usually not the right move when
- You plan to sell or refinance quickly and the program carries a recapture penalty.
- Your household income exceeds the program’s limits.
- You would rather avoid a second lien’s restrictions even with a smaller down payment.
None of this is a determination about your file. A Simply Approved Mortgages Loan Officer can run your actual numbers and show you what your disclosures would say.
What you can do with this loan
Cover part of the minimum down payment on a CHFA FHA or conventional first mortgage.
Offset closing costs alongside a first mortgage.
Compare CHFA statewide assistance against a Denver-metro or Colorado Springs city program.
Understand whether a deferred second mortgage fits your plans to sell or refinance.
Plan for the homebuyer education requirement many programs impose.
Pros & cons — honest tradeoffs
Pros — Pros & cons
- +Can meaningfully reduce upfront cash needed to close.
- +Multiple layers (state and city) may be checked for the same purchase.
- +Some structures are grants or deferred with no monthly payment.
- +CHFA programs are available to first-time and, in some cases, repeat buyers.
- +A Simply Approved Mortgages Loan Officer can screen you against published guidelines before you apply.
Cons / watch-outs — Pros & cons
- −Funding availability is not guaranteed and can pause without notice.
- −Most programs require income limits and specific first-mortgage products.
- −Assistance is usually a recorded lien or grant agreement, not unconditional cash.
- −City programs only apply inside their specific jurisdiction.
- −A CHFA first mortgage may price slightly differently than a standard loan — compare the full package.
Compare loan officer compensation on your mortgage quote
Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. Enter the compensation shown on another lender's Loan Estimate to see the difference in dollars.
Compensation difference on this illustration: $3,750.
How lower compensation can help you
When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.
Depending on the rate you choose, pricing can sometimes include a lender credit toward third-party closing costs, so you may bring less cash to closing.
A lower rate means a lower monthly payment, which can lower your debt-to-income ratio and may help you qualify for more home on the same income.
As a mortgage broker we compare pricing from wholesale lenders instead of offering a single bank’s retail pricing.
Tip: On page 2 of your Loan Estimate, look at Section A, "Origination Charges." If the lender pays the loan officer, that compensation usually does not appear there as its own line; it is built into the interest rate. That is why comparing the rate and any lender credits side by side matters.
Already have a Loan Estimate from another bank or broker? Share it with a Simply Approved Mortgages Loan Officer, who will compare the rate, fees and credits side by side with options we can arrange. No cost to request a review.
Illustration only — not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and is part of the loan's pricing, so the loan is not free of costs. A lower compensation figure does not by itself guarantee a lower rate or lower closing costs; individual results vary by credit, loan type, property and market conditions. Residential lending in FL and CO only. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
Purchase market update
What buyers should know this month
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2026 buying power
Conforming baseline: $832,750
FHA floor / ceiling: $541,287 – $1,249,125
CHFA + city, separately
CHFA statewide programs and city programs like metroDPA are independent — check both.
Subject to funding
Every program can pause new applications when its yearly allocation is spent.
Layered, not standalone
Assistance almost always attaches to a CHFA-approved FHA or conventional first mortgage.
Cost and payment tools
Run your payment, affordability, closing cost and refinance numbers
Monthly payment, affordability, closing costs, refinance break-even and early payoff, all on one screen. This page is not written for one state, so property tax, insurance and transfer or recording charges start at neutral placeholder assumptions rather than published averages — Transfer, documentary-stamp and recording charges are set by your state and county — enter your own figure, or open the state page for a sourced seed. Insurance and tax assumptions vary widely by state, county and property, so replace these starting values with quotes for your address. Every figure is an illustrative estimate, not a quote, lock, offer, approval, or commitment to lend.
Your inputs
Estimated result
- Down payment
- $20,000
- Loan amount
- $380,000
- Principal & interest
- $2,402
- Property tax
- $333/mo
- Homeowners insurance
- $167/mo
- Estimated total monthly
- $2,902/mo
Reference sources: Tax Foundation — property taxes paid as a percentage of owner-occupied housing value, NAIC — Homeowners Insurance Report, CFPB — Understanding your Loan Estimate.
Assumptions, methodology, and limitations
Principal and interest use the standard amortization formula on the loan amount you enter. This page does not target a single state, so the property tax and insurance fields start at neutral placeholder assumptions rather than published averages — replace them with figures for your own address, or open the matching state page for sourced seeds. Closing costs apply your state's transfer / documentary-stamp practice (0.00% of price used as the buyer-side seed) plus typical title, recording, appraisal, credit and prepaid escrow lines. Refinance break-even divides your entered costs by the monthly payment difference. Early payoff runs a month-by-month amortization with your extra principal.
These tools do not include mortgage insurance, funding or guarantee fees, HOA special assessments, flood or windstorm premiums, seller credits, lender credits, discount points, or county and municipal charges specific to your parcel. Statewide averages will not match any individual property. Figures are estimates only.
Illustrative only. Binding figures appear on your Loan Estimate, and terms vary by borrower, property, lender, program, and state.
Turn these estimates into real numbers
Send your scenario to a Simply Approved Mortgages Loan Officer and get a written summary back, or compare where rates sit today. Educational only — not a quote, lock, offer, approval, or commitment to lend.
Colorado down payment assistance FAQs
Answers to the most common Colorado down payment assistance questions, written by licensed loan officers.
Ask SAM anything about mortgages
SAM is the Simply Approved Mortgages AI assistant. It answers general questions using the reviewed guides published on this site and links you to the primary government source. It is educational only — it does not quote a rate, payment, APR, approval or commitment to lend. A Simply Approved Mortgages Loan Officer reviews every scenario before any terms are confirmed.
Hi, I'm SAM — an AI assistant for Simply Approved Mortgages. I can explain loan programs, closing costs, DTI, down payments and which calculator or guide to use. I'm not a licensed loan officer, and nothing here is a quote, approval or commitment to lend.
Ask Sam AI provides general educational information only. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Never share a Social Security number, ITIN, date of birth, account number or password in chat. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Sources & Citations
- Colorado Housing and Finance Authority — CHFA homebuyer programs — Statewide down payment assistance program details.
- U.S. Department of Housing and Urban Development — HUD income limits — Area median income figures used for eligibility.
- State of Colorado — Colorado Division of Real Estate — Consumer resources on real estate transactions.
- Fannie Mae — Fannie Mae Selling Guide — Subordinate financing and combined loan-to-value rules.
Sources: government and agency publications listed above. Simply Approved Mortgages LLC is not affiliated with, endorsed by, or sponsored by HUD, FHA, VA, USDA, or any government agency. Program rules change; the published source text governs.
Trusted government resources
These independent government resources can help you research mortgage programs, rates, and your rights before you apply.
CHFA
CHFA — Homeownership Loan Programs
HUD
HUD — Colorado State Housing Resources
CFPB
CFPB — Down Payment Assistance Overview
Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, or any other government agency. Links are provided for your independent verification.
How this page connects
Where this fits in the mortgage library library
This page sits inside our Mortgage library coverage.
What most readers open next
- Every loan program we arrangeBecause to see which program this topic applies to.
- The loan program comparisonBecause to place this topic against the alternatives.
- How underwriting reviews a fileBecause the standard most rules serve.
- The payment calculatorBecause to turn the rules into a monthly figure.
Explore the full guide
Keep reading — the rest of the buying playbook
Each of these is a deep-dive on one piece of the purchase mortgage process. Bookmark whichever you need next.
Guide
Down Payment Assistance (All States)
The nationwide DPA landscape and how programs generally work.
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First-Time Home Buyer in Colorado
Colorado-specific first-time buyer guidance.
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First-Time Home Buyer Guide
National first-time buyer overview.
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Mortgage Pre-Approval
Start with a baseline approval before applying for DPA.
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DPA for Nurses
Profession-based programs that may apply to Colorado healthcare workers.
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DPA for Veterans
Programs relevant to Colorado veterans.
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Down Payment Assistance (National Overview)
How Colorado programs compare with assistance available elsewhere.
Read the guide →Guide
First-Time Home Buyer Colorado
Broader first-time buyer guidance for Colorado purchases.
Read the guide →Guide
Mortgage Credit Certificate
A tax-credit program that can be paired with down payment assistance.
Read the guide →Internal library
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Broker identification. Simply Approved Mortgages LLC is a mortgage broker and is not a direct lender. We arrange residential mortgage loans with third-party wholesale lenders and do not make the lender's final credit decision or fund the loan. We arrange residential mortgage loans in Florida and Colorado. Business-purpose mortgage products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.
Credit and program terms. All loans are subject to lender credit approval, underwriting, acceptable appraisal or valuation when required, title review, insurance, and supporting documentation. Eligibility, programs, rates, APRs, points, lender credits, fees, payments, terms, loan amounts, down-payment requirements, mortgage insurance, and availability may vary based on borrower, property, occupancy, credit profile, loan-to-value ratio, debt-to-income ratio, lender, loan program, and state and may change without notice. Not all applicants, properties, products, or programs will qualify or be available in every state. Nothing on this site constitutes a loan approval, rate lock, offer, commitment to lend, guarantee of approval, or guarantee of terms or closing.
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Down payment assistance. Down payment or closing-cost assistance programs referenced on this site may be administered by governmental entities, housing finance agencies, nonprofit organizations, lenders, or other third parties. Program availability, funding, assistance amounts, eligibility requirements, repayment or forgiveness provisions, and other terms vary and may change or become unavailable without notice. Listing or referencing a program does not guarantee funding, eligibility, or mortgage approval.
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