Eligibility: First-time buyers (no ownership in past 3 years) or buyers in targeted areas.
Benefits: Conventional 30‑year fixed-rate mortgage without first-time buyer requirement; eligible for pairing with DPA grants.
Description: New in 2025 — Offers up to 3% of first mortgage (max $25,000) as a non-repayable grant.
Grant assistance now offers up to **4%** (previously 5%) of loan amount for first-time or repeat buyers; income cap ~$103,000–$195,000 (varies by household size); credit score ≥ 640.
El Paso County Turnkey Mortgage: Up to $15,000 forgivable second loan (5-year forgivable) for buyers ≤ 80% AMI with required counseling. (No change)
City of Boulder Down Payment Assistance: Up to 10% of purchase price (max $40,000) deferred 0% interest for first-time buyers in permanently affordable homes. (No change)
New law “SB 25‑167” (June 2025) enables shared-equity down payment assistance through CHFA for public school employees via Participating Lenders.
Colorado Housing and Finance Authority (CHFA) Programs:
CHFA FirstStep and FirstStep Plus:
Offerings: 30‑year fixed-rate first mortgage (FHA, VA, USDA, or conventional), with optional 3% second mortgage for down payment assistance (FirstStep Plus); no interest and repayment matches the first mortgage.
Requirements:
CHFA Advantage:
CHFA Down Payment Assistance Grant:
Plus: Second mortgage option offers up to 4% (max $25,000), deferred until sale/refinance; available to first-gen buyers or people with permanent disabilities regardless of loan size. Learn more at CHFA.
Local Programs:
Denver (MetroDPA / Metro Mortgage Assistance Plus):
Colorado Springs
Boulder
Legislative Update:
Additional Information:
View First-Time Home Buyer Programs for: Connecticut