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Colorado

Colorado Down Payment Assistance (DPA) Programs

April 4, 2023

Located in the western region of the United States, Colorado is the 38th state in the Union. Nicknamed the Centennial State, Colorado is home to the world’s largest natural hot springs pool and the Rocky Mountains. The state’s capital and largest city is Denver. With a population of nearly 6 million people, Colorado boasts a homeownership rate of 67.4% (2022-U.S. Census Bureau).

DPA programs across the country continue to make homeownership possible for many. Below is a list of programs available in the state of Colorado. Also, combining programs may be possible, so be sure to inquire.

Colorado Housing and Finance Authority (CHFA)

Down Payment Assistance Grant

Second Mortgage Loan

“Homebuyers using one of our first mortgage loan programs to finance their home purchase are eligible to use CHFA assistance options to help with down payment and/or closing costs. “Up to 4 percent 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, or the home is no longer your primary residence.”

Home Purchase Loan Programs

“CHFA loan programs are available through our statewide network of CHFA Participating Lenders. A CHFA Participating Lender will help you determine which CHFA loan programs will work for you. They will walk you through the entire loan process from application to closing.”

Boulder County Housing and Community Investment

Down Payment Assistance Program

“The Boulder County Down Payment Assistance Program provides down payment and closing cost assistance to first-time homebuyers purchasing a home in Boulder County (outside of the city limits of Boulder). Up to 10% of the purchase price, up to a maximum of $40,000 may be borrowed.”

Inclusionary Housing Program

“To help address the shortage of affordable for-sale and rental housing, the City of Longmont partners with housing developers as part of the Inclusionary Housing Program.”

Personal Investment Enterprise (PIE) Program

“Individual Development Accounts (IDA’s) are matched savings accounts funded by public and private sources. These accounts are designed to help low-income and low-wealth working families save exclusively for the asset goals of first-time homeownership, post-secondary education or business capitalization.

For every dollar a participant deposits in his/her savings, Personal Investment Enterprise will deposit matching funds on a 4:1 ratio up to $4,000.00.”

The Prairie Development Corporation

Housing Improvement Program

“PDC’s Housing Improvement Program offers affordable loans to income-eligible home owners who need housing rehabilitation or emergency repair assistance, and to home buyers needing down payment or closing costs assistance.”

Counties served: Cheyenne, Elbert, Lincoln and Kit Carson

Douglas County Housing Partnership

Down Payment Assistance Program

“Through this program DCHP provides low-and moderate-income households the opportunity to purchase their first home in Douglas County. This program increases a buyer’s purchase power by giving these households the ability to borrow at a low interest rate and ultimately bridging the gap between lower wages and higher cost housing.”

Shared Equity Program

“The Shared Equity Finance Program is a non-amortizing deferred second position lien. Through this program, DCHP provides funding for up to 20% of the purchase price for a maximum of $41,000.00. This financing takes the form of a shared equity agreement in which DCHP is paid a percentage of the sales price or appraised value upon sale or refinance by the borrower.”

Amortizing Loan Program

“DCHP offers a traditional second mortgage for Down Payment Assistance. This loan is a 30-year amortizing loan that carries a 3% interest rate. This loan is $15,000 with 100% of the loan proceeds going towards down payment, closing costs and principal reduction. Under these terms loan payments are $63.24. This loan provides families the funds necessary to achieve the minimum required down payment, while still making the home affordable for them.”

HomesFund

Shared Appreciation Loan

“Shared appreciation loan amounts are based on your household income and the county where the home is located. These loans can range from 25% of the purchase price (not to exceed $125,000) down to $50,000. (Clients can choose to borrow less than program maximums).”

Fort Lewis Employee Mortgage Assistance Program

“This program allows household income up to 150% Area Median income and can provide up to a maximum of $70,000 or 17% of the purchase price (whichever is less) for down payment assistance. Participants must be a permanent/full time employee of Fort Lewis College with at least one year of service to participate.”

DMR/Purgatory Resort Employee Assistance Program

“This program allows household income up to 150% AMI and will provide up to $70,000 or 17% of the purchase price (whichever is less) for down payment assistance. Purgatory Employees are also eligible for 95% primary financing through the Manufactured Homed Lending Program.”

Manufactured/ Mobile Home In Mobile Home Park Loan Program

“This program finances the purchase of manufactured/mobile homes that are in approved parks. HomesFund staff will work with the park owners for park approval. Available in La Plata County only.”

1st Mortgage Loan Financing For Mobile Homes With Land

“Homesfund has created a 1st mortgage product to finance these typically “unfinanceable” properties. This loan is available in La Plata, Montezuma, Archuleta, San Juan, and Dolores County Colorado. Loan amounts up to $350k (subject to individual county maximum purchase price), rates are fixed for 30 years with a 30 year amortization and maturity.”

Eagle County Division of Housing

Eagle County Loan Fund (ECLF)

“For homebuyers that live and work in Eagle County and will be purchasing their home with a first mortgage that is not an FHA mortgage.”

Up to 5% of purchase price. Minimum Loan Amount of $15000.00 with a Maximum Loan Amount of $37,500.00.

Eagle County Loan Fund (ECLF)

“For homebuyers that live and work in Eagle County and will be purchasing their home with an FHA first mortgage.”

5% of purchase price with a minimum of $15,000.00 and a maximum of $42,500.00

Eagle Ranch Housing Corporation

“For homebuyers that live and work in Eagle County and will be purchasing their home in Eagle Ranch.”

Maximum loan amount of $10,000.00

Down Payment Assistance

“For homebuyers that live and work in Eagle County with a household income limit of 80 percent of AMI.”

Maximum loan amount of $40,000.00

El Paso County Economic Development

Single Family “Turnkey Plus” Mortgage Program

“The El Paso County, Colorado “Turnkey Plus” Mortgage Program provides a partially forgivable Down Payment Assistance (DPA) loan to individuals and families who want to purchase a home anywhere in El Paso County, including the City of Colorado Springs. Qualified homebuyers may receive 0%, 3%, 4% or 5% in DPA in the form of a soft Second Mortgage loan at 0% Interest, which is only due upon pay-off of the First Mortgage.”

Grand County Housing Authority (GCHA)

Single Family “Turnkey Plus” Mortgage Program

“Grand County Housing Authority (GCHA) now offers a down payment assistance program for Grand County residents using funds from various governmental and private entities. Low and moderate-income homebuyers may apply for down payment and closing costs as necessary to obtain homeownership. Down payment assistance funds are loaned to the homebuyer as a low-interest mortgage behind the first mortgage.”

City of Aurora Home Improvement

Home Ownership Assistance Program (HOAP)

“Aurora’s Home Ownership Assistance Program (HOAP) is dedicated to making affordable housing a realization for low to moderate income families in Aurora. The loan program offers up to $10,000 in financial assistance to help qualified, first-time homebuyers cover down payment and closing costs.”

City of Boulder Housing & Human Services

Permanently Affordable Homes Program

“Homes are sold at below market-rate prices to income eligible buyers who intend to owner occupy the home. Homes are permanently affordable and governed by an Affordability Covenant that limits the resale price and places other restrictions on the home.”

Solution Grant: Down Payment Assistance Grant Program

“The Solution Grant assists with down payment and closing costs for buyers with lower assets. The grant bridges the gap between money the buyer has available for down payment and closing costs and the minimum required to close. These grants are for buyers purchasing select Permanently Affordable homes, or Thistle Communities Land Trust homes in Boulder city limits.”

H2O: House to Homeownership Down Payment Assistance Loan Program

“The City of Boulder’s House to Homeownership (H2O) Program is a shared appreciation loan program that provides first-time homebuyers with a second loan of up to $100,000 on a market rate home purchased in the City of Boulder.”

City and County of Denver Department of Housing Stability

HOST’s Affordable Home Ownership Program

“Denver’s Department of Housing Stability (HOST) Homeownership Program is specifically designed to help qualified, low-to-moderate income residents own affordable homes. The goal of our program is to provide affordable and safe housing opportunities to all Denver residents.”

metroDPA

“metroDPA is a unique down payment assistance program for buyers with up to $176,700 of qualifying income to bring the dream of home ownership within reach. The program provides assistance as a no payment, zero-interest, forgivable assistance loan. As you apply for a 30-year fixed rate home loan, we help with down payment and closing cost assistance up to a percentage of your loan!”

Areas covered: most of the Front Range from Castle Rock to Wellington

metroDPA Social Equity Program

“Are you a resident or descendent of someone who lived in a Denver neighborhood that was redlined between 1938 and 2000? If so, you may be eligible for $15,000 or $25,000 toward a down payment on a home! These funds are intended to help increase homeownership in communities of color that were historically targeted by discriminatory lending practices like redlining. The funds may be used for the purchase of a home anywhere in approved Front Range areas through the metroDPA program.”

NEWSED Community Development Corporation

Down Payment Assistance

“Down Payment Assistance available for buyers purchasing in the Denver Metro Area. NEWSED Community Development Corporation will provide down payment assistance and closing cost to eligible buyers in the form of a second mortgage loan. This assistance can be used for down payment, closing cost, principal reduction and interest buy down. “

Colorado Housing Assistance Corporation (CHAC)

Colorado Down Payment Assistance Fund

“CHAC provides low interest, flexible loans to low and moderate income households for down payment and closing cost assistance throughout Colorado. The loan is recorded as a second mortgage (lien) on the property being purchased.”

Commerce City Housing Authority

Homebuyer Program

“Looking to purchase your first home in Commerce City? The Housing Authority can help qualifying first-time home buyers with down payment and closing cost assistance if they successfully complete a Colorado Housing Finance Authority-approved home buyer workshop.

Financial assistance comes in the form of a second mortgage loan for down payment and all allowable closing costs up to $10,000 at 3.5% interest rate with up to a 10 year repayment schedule.”

City of Pueblo Housing & Citizen Services

Home Down Payment Assistance Program (HDAP)

“Eligible borrowers will receive a deferred forgivable loan with a maximum amount of $5,000, only if needed. These funds can be applied toward the payment of usual and customary closing costs and/or matching up to 50% of the required down payment (this may vary depending on the type of mortgage you select).”

Yampa Valley Housing Authority

Down Payment Assistance Loan Program

“The Yampa Valley Housing Authority established the Down Payment Assistance Program to help local home buyers with up to 10% of the purchase price of a home.”

Deed-Restricted Home Ownership

“Steamboat Springs has several communities and individual units that contain deed restrictions. A deed restriction targets the sale of the unit to “qualified owners” who meet specific income, asset and employment criteria.”

Community Resources & Housing Development Corporation

Mutual Self Help Housing Program

“In this program, participants contribute significant “sweat equity” towards the construction of their home, bringing down development costs and producing a more affordable home. Each family contributes a minimum of 30 hours of labor per week towards the homes for approximately 6 to 8 months.”

Impact Development Fund

Colorado Down Payment Assistance (CDOH)

“Down payment assistance up to $25,000 for households up to 80% AMI in urban areas, 100% AMI in non-urban areas.”

Counties served: Larimer, Weld, Eagle, Fremont, Mesa, San Miguel, Ouray, Montrose

Alpine Bank Down Payment Assistance (DPA) Program

“Down payment assistance available to first time homebuyers with income at or below 80% of Area Median Income. Assistance up to 15% of the contract purchase price is available to buyers using Alpine Bank for their primary mortgage.”

Counties served: Delta, La Plata, Summit

IDF Down Payment Assistance Program

“Down payment assistance available to first time homebuyers with income at or below 80% of Area Median Income. Assistance up to 5% of the contract purchase price or $20,000, whichever is less, is available to buyers using FirstBank for their primary mortgage.”

Counties served: Broomfield

FirstBank Down Payment Assistance Program

“Down payment assistance available to first time homebuyers with income at or below 80% of Area Median Income. Assistance up to 5% of the contract purchase price or $30,000, whichever is less, is available to buyers using FirstBank for their primary mortgage. Borrowers must obtain their primary mortgage from FirstBank.”

Counties served: Adams, Arapahoe, Boulder, Denver, El Paso, Jefferson, Larimer

Greeley Home Ownership Program for Employees (G-HOPE)

“Through a community leadership group organized as the “University District” the City of Greeley has established a pilot program to promote home ownership in Greeley’s Redevelopment District and around the UNC campus. Within this area, down payment assistance is available to regular full time employees of several employers in this area: City of Greeley, University of Northern Colorado, Weld School District 6, Banner Health/NCMC, JBS, Frontier Academy Charter School, Sunrise Community Health, and North Range Behavioral Health.”

Counties served: Weld

Employee Home Ownership Program (EHOP)

“The Employee Home Ownership Program is made possible by a unique partnership between Impact Development Fund and employers. EHOP helps to facilitate the attraction and retention of a qualified workforce, employers will be offered the opportunity to extend employees down payment and closing cost assistance for home ownership.”

Counties served: Garfield

Garfield County Housing Authority Down Payment Assistance Program

“The Garfield County Housing Authority offers down payment and closing cost assistance to county residents purchasing in Garfield County, unincorporated Eagle County within the Roaring Fork Valley (El Jebel area), and the Town of Basalt Corporate Limits.”

Areas served: Garfield County, unincorporated Eagle County, Town of Balsalt

Mt. Crested Butte Water and Sanitation District EHOP

“Housing benefit offered to the employees of Mt. Crested Butte Water and Sanitation District to assist with primary residential purchase.”

Counties served: Gunnison

Wheat Ridge LocalWorks

“LocalWorks Home Investment Program. Eligible properties must be in the City of Wheat Ridge between Sheridan and Wadsworth with most funds targeted for the priority area of 32nd to 44th Avenues and Sheridan to Pierce within the City of Wheat Ridge. The loans will be for up to 80% of the cost of home renovations with loan amounts between $5,000 and $20,000.”

Counties served: Jefferson

Colorado River Water Conservation District – EHOP

“Housing benefit offered to the employees of Colorado River Water Conservation District to assist with residential purchase.”

Counties served: Garfield

City of Aspen – EHOP

“Housing benefit offered to the employees of the City of Aspen to assist with residential purchase.”

Area served: City of Aspen

Pitkin County – EHOP

“Housing benefit offered to the employees of Pitkin County to assist with residential purchase.”

Counties served: Pitkin

Manufactured Housing Finance Program

“Financing for persons residing or seeking to purchase manufactured housing located in an approved manufactured home community.”

Counties served: Alamosa, Archuleta, Baca, Bent, Broomfield, Chaffee, Cheyenne, Clear Creek, Conejos, Costilla, Crowley, Custer, Delta, Dolores, Elbert, Garfield, Gilpin, Grand, Gunnison, Hinsdale, Huerfano, Jackson, Kiowa, Kit Carson, La Plata, Lake, Las Animas, Lincoln, Logan, Mineral, Moffat, Morgan, Otero, Park, Phillips, Prowers, Pueblo, Rio Grande, Rio Blanco, Routt, Saguache, San Juan, Sedgwick, Summit, Teller, Washington, Yuma

USDA Rural Development 502 Guaranteed Home Loan Program

“Impact Development Fund originates USDA Rural Development 502 Guaranteed Home Loans available to households purchasing in rural areas of Colorado.”

Counties served: Alamosa, Archuleta, Baca, Bent, Broomfield, Chaffee, Cheyenne, Clear Creek, Conejos, Costilla, Crowley, Custer, Delta, Dolores, Elbert, Garfield, Gilpin, Grand, Gunnison, Hinsdale, Huerfano, Jackson, Kiowa, Kit Carson, La Plata, Lake, Las Animas, Lincoln, Logan, Mineral, Moffat, Morgan, Otero, Park, Phillips, Prowers, Pueblo, Rio Grande, Rio Blanco, Saguache, San Juan, Sedgwick, Summit, Teller, Washington, Yuma

Federal Home Loan Bank (FHLBank) Topeka

States/Territories served: Colorado, Nebraska, Kansas, Oklahoma

Homeownership Set-aside Program (HSP)

“The Homeownership Set-aside Program (HSP) provides down payment, closing cost and repair assistance to first-time homebuyers earning at or below 80% of the Area Median Income (AMI) for households purchasing or constructing homes in Colorado, Kansas, Nebraska and Oklahoma. The HSP is provided to households as a forgivable grant with a five-year retention period.”

USDA Rural Development

Single Family Housing Direct Home Loans

“Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.”

Habitat for Humanity

Habitat Home

“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”

Our next blog post in this series will explore Connecticut’s down payment assistance programs.

Helpful Links:

O verview of Down Payment Assistance (DPA) Programs

DPA Programs by State/Territory