CHFA FirstGeneration Program Colorado (2026): Up to $25,000 Down Payment Assistance for First-Gen Homebuyers

What is the CHFA FirstGeneration program?

The CHFA FirstGeneration program is Colorado's targeted down payment assistance program for buyers whose parents never owned a home. FirstGeneration and FirstGeneration Plus are FHA-only first mortgage programs that pair a fixed-rate CHFA first mortgage with a deferred second mortgage for down payment assistance — up to $25,000 regardless of the first mortgage amount.

What makes FirstGeneration different from standard CHFA programs: the DPA cap is not 3–4% of the loan. On a $350,000 first mortgage, standard SmartStep Plus caps DPA at $10,500 (3%). FirstGeneration Plus caps at $25,000 — more than double. That flexibility makes it one of the most powerful CHFA programs for buyers who qualify.

In Northern Colorado, where median prices range from the mid-$400,000s in Greeley to over $600,000 in Fort Collins, the $25,000 cap can cover a substantial portion of the down payment and closing costs — potentially reducing a buyer's upfront cash from 3.5% ($14,000 on a $400,000 home) to just the $1,000 minimum borrower contribution.

• CHFA FirstGeneration details — From the CHFA hub page

Who qualifies as first-generation?

CHFA defines first-generation in two parts. First, you must never have owned a home yourself. Second, your parents or legal guardians must never have owned a home. If both conditions are met, you may qualify for the FirstGeneration program.

There is an important exception: if a parent or legal guardian lost a home to foreclosure or short sale, the borrower may still be eligible as first-generation. Your CHFA participating lender makes the final determination based on program guidelines in effect at the time of application.

Household income and purchase price limits also apply, and the program is limited to FHA-backed first mortgages. Buyers who prefer conventional financing or have credit profiles better suited to non-FHA options may find SmartStep or Preferred programs a better fit — your lender can compare.

• CHFA requirements overview — Credit, income, and education requirements

Income and purchase price limits in Northern Colorado

CHFA FirstGeneration uses the same county-level income and purchase price limits as other CHFA programs. In Larimer County (Fort Collins, Loveland, Wellington), non-targeted household income limits for 1–2 person households range from approximately $130,000 to $156,000+, with purchase price limits up to approximately $664,000–$812,000 depending on the program and area designation.

Weld County (Greeley, Windsor, Severance) generally offers higher income limits — approximately $153,600 to $179,200 for 1–2 person households — with purchase price limits accommodating the full range of home prices in most communities. Targeted areas in both counties allow higher limits and may let non-first-time buyers use certain programs.

Your lender confirms the exact limits for your household size and target property. These limits change periodically — always check current figures through a CHFA participating lender before making purchase decisions.

• Greeley area guide — Weld County CHFA limits & affordable listings
• Loveland area guide — Larimer County CHFA limits & neighborhoods

How first-generation buyers get started in Northern Colorado

The first step is confirming eligibility with a CHFA participating lender. Not all lenders originate FirstGeneration loans — ask specifically whether the lender offers CHFA FirstGeneration and FirstGeneration Plus products.

Standard CHFA requirements apply: 620 minimum mid-credit score, $1,000 minimum borrower contribution, completion of a CHFA-approved homebuyer education class, and the Understanding Your Financial Commitment course. The lender guides you through each requirement.

Once pre-approved, SAA Homes helps first-generation buyers search homes within program limits across Fort Collins, Loveland, Windsor, Greeley, and all 27 Northern Colorado communities we serve. We coordinate with your lender to ensure offers meet purchase price caps and structure terms that work for first-generation financing.

Call (970) 999-1407 to discuss your first-generation homebuying options with Adam or Mandi Schwartz. A 15-minute conversation clarifies whether FirstGeneration is the right path — and if not, which CHFA program fits better.

• Buyer services overview — How SAA Homes represents buyers
• Contact SAA Homes — Free consultation for first-generation buyers