Down Payment Assistance - Colorado
Down Payment Assistance Options for Colorado
Metro Denver Down Payment Assistance
Sponsored by the City and County of Denver, this DPA program provides first-time homebuyers the leverage needed to secure the property. Get up to 6% of the first mortgage as assistance to cover down payment and closing costs as a zero-interest forgivable or deferred loan.
Requirements:
- Minimum FICO score 640
- Annual household income limit of $210,150
- Must complete HUD- or CHFRA-approved homebuyer education course
- Must move in to new property within 60 days from closing
- Covers single-family homes, townhomes, condominiums, and manufactured homes
Colorado Housing and Finance Authority
CHFA's down payment assistance program provides homebuyers in CO additional funds to cover the down payment and closing costs for their new home. Can get a grant for up to 3% of the mortgage amount or a zero-interest deferred payment loan for 4% of the mortgage.
Requirements:
- Minimum FICO score 620
- Annual household income of $176
- Must complete HUD- or CHFRA-approved homebuyer education course
- Not limited to first-time homebuyer
- Must contribute at least $1,000 of personal funds towards the transaction