Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Colorado

Metro Down Payment Assistance Program

  • What It Offers: Provides grants up to 5% of the loan amount.

  • Who Qualifies: Homebuyers purchasing within participating metro areas.

  • Income Limits: Based on area median income (AMI).

  • Repayment: No repayment required if conditions are met.

  • Where to Apply: http://www.metrodpa.org/

Colorado Housing and Finance Authority (CHFA) Down Payment Assistance

  • Assistance:
    • Down Payment Assistance Grant: Up to 3% of the first mortgage loan amount. Does not require repayment.

    • Second Mortgage Loan: Up to 4% of the first mortgage loan amount as a 0% interest, deferred-payment loan, repayable upon sale or refinance.

  • Eligibility: Must meet income and credit requirements and complete a CHFA-approved homebuyer education course.

  • Website: https://www.chfainfo.com/homeownership/down-payment-assistance

Boulder County

Grand County

  • Grand County Housing Authority Down Payment Assistance Program

Eagle County

Larimer County

  • Impact Development Fund Down Payment Assistance
    • Assistance: Provides assistance up to 20% of the contract purchase price for first-time homebuyers with income at or below 80% of the Area Median Income (AMI) in Larimer County.

    • Eligibility: Must meet income and first-time homebuyer requirements.

    • Website: https://impactdf.org/larimer-county/

City of Aurora

Home Ownership Assistance Program (HOAP)

  • Assistance: Provides up to $10,000 in down payment and closing cost assistance for first-time homebuyers.

  • Eligibility: Must meet income requirements, complete a HUD-approved homebuyer education course, and purchase a home within Aurora city limits.

  • Repayment: 0% interest, deferred-payment loan, forgiven over a period if conditions are met.

  • Website: https://www.auroragov.org/residents/home_improvement/down_payment_assistance

City of Pueblo

Pueblo County Homeownership Program

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.