CHFA Down Payment Assistance Colorado

Grants and deferred loans up to $25,000 for Colorado first-time homebuyers

The Colorado Housing and Finance Authority (CHFA) is the state's trusted partner for affordable homeownership. Through a statewide network of participating lenders, CHFA offers fixed-rate first mortgages paired with down payment grants or deferred second mortgage loans — helping buyers who might otherwise struggle to save a large down payment.

Whether you're buying your first home in Fort Collins, Loveland, Windsor, or Greeley, CHFA programs can significantly reduce your upfront cash needs. SAA Homes helps Northern Colorado buyers navigate program limits, find qualifying homes, and coordinate with CHFA lenders.

CHFA Loan Programs at a Glance

CHFA offers multiple first mortgage programs. The right one depends on your buyer status, loan type preference, and income.

ProgramLoan typeDPA optionsBest for
CHFA SmartStep & SmartStep PlusFHA, VA, or USDA-RDGrant or second mortgageGeneral homebuyers needing FHA/VA/USDA financing with flexible DPA options
CHFA Preferred & Preferred PlusConventional (HFA Preferred / HFA Advantage)Second mortgage onlyBuyers who qualify for conventional financing at up to 97% LTV
CHFA FirstStep & FirstStep PlusFHA onlySecond mortgage onlyFirst-time homebuyers, qualified veterans, or buyers in targeted areas
CHFA FirstGeneration & FirstGeneration PlusFHA onlyUp to $25,000 second mortgageFirst-generation homebuyers whose parents/guardians never owned a home
Colorado HFA1 & HFA1 PlusFHA, VA, USDA, or ConventionalSecond mortgage onlyFlexible loan type options with CHFA down payment assistance

Two Ways CHFA Helps With Your Down Payment

CHFA DPA Grant

Up to $25,000 or 3% of your first mortgage

Available with eligible CHFA first mortgage programs (such as SmartStep Plus). Does not require repayment. Higher interest rates may apply when using DPA.

CHFA DPA Second Mortgage

Up to $25,000 or 4% of your first mortgage

Zero monthly payments. Full repayment deferred until you pay off, sell, refinance, or move out of the home as your primary residence. Can cover down payment, closing costs, prepaids, and principal reduction.

General CHFA Requirements

  • Credit score: Minimum mid-score of 620 (some programs allow no credit score)
  • Borrower contribution: At least $1,000 toward the home purchase
  • Homebuyer education: Complete a CHFA-approved class before closing
  • Income limits: Household income must not exceed county-specific CHFA limits
  • Purchase price limits: Home price must fall within program limits for your county
  • Debt-to-income: 50% DTI max (620–659 FICO) or 55% max (660+ FICO)
  • Participating lender: All CHFA loans are originated through approved lenders — not directly from CHFA

Northern Colorado CHFA Income & Price Limits

CountyCommunitiesIncome rangePrice limit
Larimer CountyFort Collins, Loveland, Wellington, Timnath~$130,000 – $156,000+Up to ~$664,000 – $812,000
Weld CountyGreeley, Windsor, Eaton, Milliken, La Salle, Mead~$153,600 – $179,200Up to ~$735,000

Specialty CHFA Programs

  • G-HOPE Greeley (City Employees) — Full-time employees with Greeley-area employers: Up to $8,000 forgivable down payment loan
  • CHFA Schools To Home — Full-time Colorado public school employees: Up to 25% down payment assistance
  • Colorado Champions Home Loan — First responders & their households: 110% income eligibility + standard CHFA DPA

Frequently Asked Questions About CHFA Down Payment Assistance

What is CHFA down payment assistance in Colorado?

CHFA (Colorado Housing and Finance Authority) offers grants and deferred second mortgage loans to help eligible homebuyers with down payment and closing costs. Assistance is paired with a CHFA first mortgage through a participating lender — up to $25,000 or 3–4% of the loan amount depending on the program.

Do I have to be a first-time homebuyer for CHFA?

Not always. CHFA SmartStep and Preferred programs are available to repeat buyers. FirstStep requires first-time buyer status (or qualified veteran status) unless you purchase in a CHFA targeted area, where repeat buyers may also qualify with higher income limits.

How much down payment assistance can I get from CHFA?

Most programs offer up to the lesser of $25,000 or 3% (grant) or 4% (second mortgage) of your first mortgage. First-generation and certain disability programs may access up to $25,000 regardless of loan size. Your lender confirms exact amounts.

What credit score do I need for CHFA in Colorado?

A minimum mid-credit score of 620 is required for most CHFA programs. Some FHA-based programs allow borrowers with no credit score. Lenders may have additional overlays.

Is CHFA down payment assistance a grant or a loan?

CHFA offers both. Grants (up to 3% or $25,000) require no repayment but are limited to certain programs like SmartStep Plus. Second mortgage assistance (up to 4% or $25,000) has no monthly payments but must be repaid when you sell, refinance, pay off the first mortgage, or move out.

Can I use CHFA to buy a home in Fort Collins or Greeley?

Yes. CHFA programs are available statewide, including Larimer County (Fort Collins, Loveland) and Weld County (Greeley, Windsor). Income and purchase price limits vary by county, household size, and whether the property is in a targeted area.

Does CHFA down payment assistance cover closing costs?

Yes. CHFA DPA funds can be used toward down payment, closing costs, prepaids, and in some cases principal reduction — depending on the program and lender approval.

How do I apply for CHFA down payment assistance?

Start by contacting a CHFA Participating Lender — not CHFA directly. Complete homebuyer education, get pre-approved, then work with a REALTOR® to find a home within program limits. SAA Homes can guide your Northern Colorado search while your lender handles CHFA program details.

Work With Schwartz and Associates

Ready to explore CHFA down payment assistance? Contact SAA Homes at (970) 999-1407 for a free consultation. Our team helps Northern Colorado buyers navigate CHFA programs, find qualifying homes, and connect with participating lenders.