Colorado Down Payment Assistance Programs

Property Guidelines

• Property must be owner-occupied and serve as the borrower's primary residence.
• Eligible property types include single-family, one-unit, attached, or detached homes; PUDs, condominiums, and manufactured housing on a permanent foundation
• Property must be in the State of Colorado

Down Payment Assistance Grant

• Up to the lesser of $25,000 or 3 percent of your first mortgage (Example: Get up to $6,000 on a $200,000 mortgage)
• No repayment required
• Minimum Credit Score: 620

Second Mortgage Loan

• Up to the lesser of $25,000 for First Generation Homebuyers or 4 percent of your first mortgage (Example: Get up to $8,000 on a $200,000 mortgage)
• First generation homebuyers have never owned a home and their parents have never owned a home during the homebuyer's lifetime are eligible for up to $25,000 in assistance.
• 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.

General Information

• There is NO first-time homebuyer requirement in this program. Program is open to first time buyers and repeat buyers.
• Borrowers must have a minimum credit score of 620 (640 in some cases) and qualifying income below $210,150 to use the program.
• The following mortgage products are offered in this program: FHA, VA, USDA-RD and Conventional loans.
• Down payment assistance (DPA) is in the form of a 30-year, second mortgage with a 0% interest rate.

Eligible Properties

Properties eligible for the metroDPA Program loans include:

• Buyers must live in the property as their principal residence within 60 days of closing.
• New or existing, owner occupied, principal residences, one or more units, detached structures, condominiums or townhomes.
• The eligible area most of the Front Range from Castle Rock to Wellington.

Educational Requirements

• All borrowers (any primary borrower on the Note and/or Warranty Deed) must complete a homebuyer education course.
• Refinancing of existing mortgage loans is permitted within the program.
• There are NO purchase price limits within this program.

Financial Support

• Zero-interest assistance loan for down payment and closing costs for buyers with qualifying incomes up to $210,150.
• Borrower can get up to 4% of the loan amount for down payment and closing costs ($400K loan * 4% = $16,000 in assistance)
• Repayment is deferred, except in the event of the sales, transfer, or satisfaction of the first mortgage.

General Information

• There is no first-time homebuyer requirement in this program.
• Your income must not exceed the $174,440 income limit.
• Borrowers earning $90,720 or less and using a conventional loan, will receive reduced mortgage insurance.
• The home must serve as your principal residence (this cannot be an investment property).

Financial Support

• Forgivable DPA Loan: 30-year deferred Second Mortgage, with 50% forgiveness over the first five years and the remainder forgiven at the end of 30 years.
• Availability: Throughout El Paso County, including Colorado Springs
• Minimum Credit Score: Varies based on loan type

General Information

• Income eligibility includes ALL sources of income for ALL members of the household
• Non-resident co-borrowers or co-signers are not permitted
• CHAC cannot provide assistance if property has been Tenant Occupied anytime within 90 days prior to closing.
• Sales price must be less than or equal to Appraised Value
• Sales price limit may apply

Financial Support

• Loan Options: Immediate payback or a 5-year deferral plan, both offering up to $12,000 with tailored repayment terms.
• Disability Program: Up to $10,000 at 0% interest rate with deferred payment for 30 years for individuals with permanent disabilities.
• Availability: Statewide
• Minimum Credit Score: Varies based on program